Oriental Energy Resources Limited was founded by the Chairman, Alhaji (Dr.) Muhammadu Indimi, OFR, in 1990. In September of that year, Oriental Energy was awarded OPL 224 by the Federal Government of Nigeria.
The OPL 224 was awarded to Oriental Energy Resources Limited by the Federal Government of Nigeria in September 1990 with a mandate requirement to acquire a minimum of up to 1000 km of seismic data and to drill at least three exploratory wells. Work began on OPL 224 in 1991 as Oriental Energy entered into a Technical Services Agreement with DuPont Nigeria Ltd, acquired the committed 2D seismic survey as well as drilled four wells including the Ufon discovery well. This continued until the first half of the 1990s. At the end of the decade, the Nigerian Department of Petroleum Resources gave an approval to convert OPL 224 to OML 115 on 20 May 1999, as a result of the successful work done on the Block. OML 115 was reduced to 248 km² from its original size of 310 km² as a result of international boundary redefinition.
In early 2000s, the growth of Oriental Energy proceeded quickly. Ebok marginal field (May 2007) and Okwok marginal field (2006) were awarded to Oriental Energy Resources Limited from ExxonMobil’s OML 67, through a Joint Venture Agreement (JVA) between the Nigerian government and ExxonMobil under the Marginal Fields Scheme, as a compensation for the loss of acreage to ExxonMobil Equatorial Guinea.
Strategic alliances followed with Addax Petroleum (Okwok), Nexen E&P Services Nigeria Ltd. (OML 115), and Energy Equity Resources Oil & Gas (OML 115). Oriental Energy and Addax announced the successful well test of Okwok 4 in 2006 flowing 32°API oil from the lower D2 Reservoir. In 2008, Oriental Energy announced its Technical Services Agreement with Afren Energy Resources to appraise the Ebok Field. The partnership expanded quickly with Afren signing a JVA with Oriental Energy and Addax for the development of Okwok (2009), as well as Afren signing a JVA with Oriental Energy and EER for the exploration and appraisal of OML 115 (2010).
In 2009, the Ebok appraisal drilling program resulted in Ebok-4 confirming a total gross oil column of 284 feet in high quality reservoir sands, Ebok-5 encountering a total of 377 feet gross oil column, and Ebok-6 encountering 107 feet gross oil pay. 2010 saw the rapid development of the Ebok field with an aggressive drilling program. This was followed by the Okwok-9 appraisal well successfully confirming commerciality of the Okwok field.
In August 2010, Oriental Energy and Afren celebrated the Naming and Sailaway Ceremony for the Virini Prem Floating, Storage, and Offloading (FSO) Vessel from the Yulian shipyard in China. In December 2010, production testing resulted in three Phase 1 production wells, which delivered a constrained aggregate rate of 12,500 bopd of 24°API crude. In January 2011, Oriental Energy and Afren announced the sailaway of the Mobile Offshore Production Unit (MOPU) from Galveston, Texas to the Ebok field.
In March 2011, Oriental Energy received approval from the Federal Republic of Nigeria for the establishment of the Ebok Terminal for the offloading of crude oil. By the end of March 2011, the production, processing, and storage facilities were installed at the Ebok field and readied for first oil. By the end of 2011, the Ebok field had produced approximately 3.0 million barrels of oil.
In January 2012, the initial phases of the Ebok development were successfully completed, following the commissioning and ramp up of all 14 production wells. 348 km² of Ocean Bottom Cable 3D seismic survey over the whole Ebok/Okwok/OML 115 area was completed in November 2011. The data will assist in future development and infill planning at the Ebok field and development planning for the Okwok field.
Drilling activities in 2012 focused on the North Fault Block and drilled Ebok-31 which tested oil in D1 – D2 reservoir sand levels. Drilling activities in 2014 include the drilling of Ebok wells 34 LD1E and LD1A reservoirs, 35 LD1A reservoir, 36 D1 reservoir in 2015 Ebok 37 and 38 LD1B reservoir. In 2016, Ebok wells 41, LD1B reservoir, 42 LD1B Water injector, 43 and 44 LD1C in the Central fault block amongst others. And infill wells in 2017 which include Ebok 11 ST2 LD1B reservoir, 13 ST1 D1 reservoir and 12 ST4 in D2 reservoir.
On the Okwok field, Oriental Energy secured approval for its Field Development Program after its success in Okwok-13 well in 2015. Okwok-13 well tested over 5, 000 barrels of oil per day with a good degree API.
Oriental Energy is utilising two platforms in its Central Fault Block and West Fault Block. Production is currently coming from 6 different reservoirs across 3 separate fault blocks. Oriental Energy is currently producing an average of 19, 000 barrels of oil per day from 27 producer wells. Oriental Energy has produced over 60 MMbbls from inception to date.
The Nigerian crude oil producer is ranked one of the best indigenous contributors to the national reserves.