New production from Akpo West Field to enhance Nigeria’s energy sector

  • Akpo West Field in Nigeria has begun production
  • Expected to add 14,000 barrels a day of condensate to Nigeria’s production
  • Will also produce about 4 million cubic meters of gas a day
  • Located offshore and operated by TotalEnergies
  • Partnership includes CNOOC, Seprato, Prime 130, and NNPC Ltd.

Nigerian National Petroleum has announced the commencement of oil production from the Akpo West Field, operated by TotalEnergies. This development is expected to contribute an additional 14,000 barrels a day of condensate to Nigeria’s production, along with about 4 million cubic meters of gas per day. Located offshore, the Akpo West Field is a significant discovery on Petroleum Mining Lease 2, adjacent to the Akpo main field. In 2023, the Akpo main field produced 124,000 barrels of oil equivalent per day. The field is operated by TotalEnergies in partnership with CNOOC, Seprato, Prime 130, and NNPC Ltd., the concessionaire of the Production Sharing Contract. This new production from the Akpo West Field is set to boost Nigeria’s oil and gas output, further strengthening the country’s energy sector.

Public Companies: TotalEnergies ()
Private Companies: undefined, undefined, undefined, undefined
Key People:

Factuality Level: 8
Justification: The article provides factual information about the commencement of oil production from the Akpo West Field operated by TotalEnergies. It includes details about the expected increase in production and the partners involved in the project. The information is specific and does not contain any obvious bias or misleading elements.

Noise Level: 7
Justification: The article provides basic information about the commencement of oil production from the Akpo West Field in Nigeria. However, it lacks in-depth analysis, scientific rigor, and intellectual honesty. It does not explore the long-term trends or consequences of the production. The article also does not provide evidence, data, or actionable insights for the reader. Overall, it contains mostly factual information without much depth or critical analysis.

Financial Relevance: Yes
Financial Markets Impacted: Oil and gas markets

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to oil production in Nigeria, which is relevant to the financial markets, particularly the oil and gas markets.

Reported publicly: www.marketwatch.com