Farm-Out Opportunity — OPL 289, Offshore Niger Delta
Operate, develop, and unlock a proven shallow-water PSC with near-term path to first oil.
Clean Waters Consortium is an indigenous Nigerian oil and gas company with a 90% ownership interest and operator status in OPL 289, a shallow water offshore block in the western Niger Delta. The remaining 10% ownership is held by Seven Waves as a Local Content Vehicle (LCV).
Clean Waters Consortium seeks a qualified E&P or oilfield services company to enter a Farm-Out Agreement and lead development to first oil.
Asset at a Glance
1P: ~46 MMbbl oil; ~1.6 TCF gas.
2P: ~141 MMbbl oil; ~1.6 TCF gas.
Technical & Geological Highlights
Proven Resources and Data
Hydrocarbon System: Geological and Geophysical (G&G) studies confirm the presence of a proven hydrocarbon system.
Estimated Recoverable Reserves:
Oil: 46 – 141 million barrels (1P)
Gas: 1.6 trillion cubic feet (TCF)
Seismic Data:
Full 3D seismic coverage acquired in 1996 by Western Geophysical
Additional 2D seismic data acquired by Texaco
Data Access: Project data hosted on a secure workstation in Lagos, Nigeria – available for review upon request.
Subsurface & Data Coverage
Legacy and Strategic Reacquisition
Formerly known as OML 87, the block was operated by Texaco and later Chevron until 2004.
The license was revoked due to prolonged inactivity and re-designated as OPL 289.
Clean Waters Consortium was awarded the block in Nigeria’s 2006 mini-licensing round.
CWC is offering a Farm-Out under which the New Investor will be assigned operatorship and a [45%] working interest, and will finance development through to first oil under a carry with production-based repayment. A USD 2.5 MM additional signature bonus is required to reactivate and extend the license by five years. A Performance Bond (covering a portion or all of the minimum work program) will be required by the regulator for approval.
Key Highlights
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