KS Endeavor Update - Background
- The well, Funiwa Deep 1A, was being drilled in Chevron Nigeria Limited's (CNL) Funiwa Field, within Oil Mining Lease 86.
- Funiwa Deep 1A was proposed as a straight hole to a total depth of 16,500 feet. The exploration target interval is between 13,500 feet (4,115 m) and 16,500 feet (5029 m) total vertical depth.
- The Funiwa and nearby North Apoi fields were discovered in 1973 and 1978 respectively, based on 2-D seismic data.
- Since the discoveries, several wells have been tested and have produced from the shallow and intermediate reservoirs. There have been 106 wells drilled to date, with 37 oil reservoirs and seven gas condensate reservoirs discovered. The wells have an average depth of 10,000 feet.
- Chevron is the third-largest oil producer in Nigeria. The company operates under a joint- venture arrangement with the Nigerian National Petroleum Corporation (NNPC) and has assets onshore and offshore.
- In 2010, total daily production in Nigeria averaged 524,000 barrels of crude oil (237,000 net), 206 million cubic feet of natural gas (86 million net) and 5,000 barrels of liquefied petroleum gas (2,000 net). Through CNL, Chevron operates and holds a 40 percent interest in 13 concessions operated under a joint-venture arrangement with the NNPC, which owns a 60 percent interest.