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Green Energy International Limited/LekOil Joint Venture, on Thursday, signed a Memorandum of Understanding with the Federal University of Technology, Akure, to conduct a research on hydrocarbon decline in the Niger Delta.
GEIL/LekOil partnership, which constitutes the Otakikpo JV, entered into a five-year research agreement with FUTA as its academic research partner by providing a N100m grant for institution to carry out investigations aimed at enhancing hydrocarbon exploration and exploitation.
The grant recipient was selected for its ability to address key issues currently acting as obstacles to increasing domestic crude oil production and plaguing Nigeria’s petroleum sector.
FUTA is to receive $135,000 for high priority study that assesses fundamental issues such as porefill prediction, utilisation of seismic and well data log-in predicting and monitoring reservoirs in the Otakikpo field, and human capital development.
In his address at the MoU signing ceremony in Abuja, the Chairman, GEIL, Prof. Anthony Adegbulugbe, said the partnership would create a long-term approach in the sustainability of production of hydrocarbon.
He said the research would help reduce the risks of drilling dry wells and other associated risks including blow-outs, stuck pipes, damaged reservoir, adverse well completion, which could potentially damage the wells.
“Today’s signing of the MoU meets the mandate set out by the Nigerian Content Development and Monitoring Board under the Nigerian Oil and Gas Industry Content and Development Act of 2010,” he said.
Adegbulugbe added, “The Act was set up to develop the capacity of the local supply chain for effective and efficient delivery of oil and gas without compromising standards.
“The initiative between both parties is slated to last five years, during which there will be periodic visits from the Otakikpo JV to evaluate the joint research programme. The project’s success could see more production wells being brought online to increase crude oil reserves in the Niger Delta.”
Also speaking at the presentation of the grant, Prof. Ganiyu Oboh, former Director, Centre for Research And Development, FUTA, expressed optimism on the collaboration between the industry and the academia, while stating that it would bring a lot of development both in capacity-building and the R&D development.
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