Energy

Lekoil ships 250,000 barrels oil to Shell from Nigerian field

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Lekoil Limited has confirmed the delivery of 250,000 barrels of crude oil to Shell Western Supply and Trading Limited. The company, in a note to its shareholders, said the crude oil was produced from the Otakikpo field in Nigeria.

The company also stated that it was continuing with ongoing efforts to ramp-up crude oil output to the Phase 1 production target of 10,000 barrels of oil per day (b/d), adding that presently, theOtakikpo field continues to produce at a rate of around 5,000 barrels of oil per day.

On the supply to Shell Western, Lekoil said it expects that the Royal Dutch Shell subsidiary will forward payment for the crude within the next month, as set out in the existing crude sales agreement between the two firms.

However, the company added that it does not intend to provide specific updates for each export from Otakikpo and going forward it will communicate lifting volumes as part of its periodic reporting.

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