OML29 consists of 9 fields including the iconic
Oloibiri Oilfield (1st Commercial Oil Discovery in Nigeria) and holds 2.2 billion barrels of oil equivalent, BOE, while Its hydrocarbon fields could deliver as much as 160,000 barrels of oil per day, and per day at
standard conditions at peak output. It has 240,000 barrels of oil per day and per day at standard conditions of installed production capacity most of which have been impacted by sabotage, vandalism and theft within the Niger Delta Region.
OML29 is currently producing from three fields (Nembe, Santa Barbara and Odeama Creeks) with over of oil per day production potential.
OML29 produced around 43,000 barrels of oil equivalent per day (100 per cent) in 2014.
Wood Mackenzie, a global leader in commercial intelligence for the energy, metals and mining industries describes
OML29 as “the biggest producing onshore oil field in the ‘SPDC/ NNPC’ JV”, and produced on average, around the equivalent of of oil per day during 2014. According to the Africa Oil & Gas Report,
OML29 averaged about of oil per day until mid 2015, with of oil per day net to AITEO, and has now gone down to of oil per day. In March 2017, Aiteo Group announced that production levels at OML 29 had peaked at per day, tripling existing production records for the onshore block. Announcing the news, Aiteo's CEO,
Benedict Peters, highlighted several existing and developing projects engineered to raise asset production at OML 29 to over per day. == References ==