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  • Lagos sweden oil drilling news monitoring service press
  • Lagos sweden oil drilling news monitoring service press
  • Lagos sweden oil drilling news monitoring service press
  • Lagos sweden oil drilling news monitoring service press

Global Upstream Oil, Gas News World Oil Online

Chevron lays out Nigeria investment, drilling plans amid IOC

Niger Blossom Drilling Company Upstream Nigeria Oil

Redefining safety on the drill floor with Red Zone monitoring Oil

  • Why are Nigeria's drilling costs so high?
  • Nigeria’s High Well Costs are at the Heart of its CAPEX and OPEX Challenges - Africa’s premier report on the oil, gas and energy landscape. The astronomically high drilling costs of wells in Nigeria are key to the challenges faced by operators in reining in operating and capital expenses, an industry service provider has suggested.
  • Can Africa's highest crude oil producer deliver 4m barrels of oil per day?
  • If Africa’s highest crude oil producer is to reach its target of delivering Four Million Barrels of Oil Per day (4MMBOPD) in the near term, those costs need to be brought down, argues Hope Okwa, Founder/ Managing Director of Hd Okwa Drilling Services.
  • How much does it cost to drill a well in Nigeria?
  • Okwa’s benchmark is North America. “In Canada/USA, the rig rate for land is $32,000/day compared with $25,000/day for Nigeria. A 10,000 feet land well takes eight (8) days to drill while it takes 83 days in Nigeria. The Canada/USA cost is less than $2Million, while Nigeria is $25Million.
  • How much does it cost to build a well in Nigeria?
  • “A 10,000 feet well producing only 3,000 BOPD costs up to $25Million to construct in Nigeria”, Okwa allows. “To move from the current 1.5MMBOPD to 4MMBOPD requires massive well construction activities, in the order of over 800 wells per year. The associated investment is $21Billion per annum.

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