Success in OML30 pushes Salvic Petroleum to deepen oil exploration investment
Emerging indigenous upstream group, Salvic Petroleum Resources Limited (SALVIC) has relied on the feats it achieved on OML30 to note that it has acquired the competency to handle all aspect of crude oil production, including technical support services, security, community relations and operation management in oil exploration and production.
Between March 2017 and April 2018 under a Technical Services Agreement, Salvic Petroleum Limited, on behalf Heritage Energy Operational Services Limited, is handling all aspects of operations and crude oil production, including technical support services, security, and operation management, and community relations.
In a statement issued by the Director of Corporate Affairs, Celine Loader, disclosed that success in OML30 has proved SALVIC’s novel business model and provide a valuable template to apply to future portfolio of opportunities.
SALVIC group also noted that fearless in the face of the many extant and looming challenges, the young company went on to achieve some incredible successes, which it noted, drew commendations from industry experts, the Communities and stakeholders, as well as the Federal Government and the Delta State government .
Explaining more on the success story of the young indigenous oil firm OML 30, Loader averred that “On commencement, SALVIC quickly recognised that restoring the TFP was pivotal to any chances of achieving the stretch production targets that had been set. With approval of the JV Partners, SALVIC contracted affiliate O&M Company, Abbeycourt Energy Services Limited, and a security firm Eraskorp, all working collaboratively to provide 24-hour operations and maintenance, and both overt and covert surveillance and security for equipment and facilities, with the support of the JTF.
“The TFP was restored in record time of less than 3 months and subsequently sustained uptime of over 86 per cent throughout the year. SALVIC’s strategy of engaging grassroots community as surveillance contractors also minimised security issues and nurtured long-term goodwill with community.
“With the Forcados Pipeline restored, the company successfully ramped up OML30 production from zero in April 2017 to 75,000 barrels per day (bpd) by end December 2017. This was achieved without drilling any new wells, just a robust work programme of creative and innovative solutions that optimised production and unlocked value from old legacy infrastructure and equipment.”
SALVIC added that despite the unrest and anxieties it met on the ground, its guiding principle was to proactively engage the 110 host communities, through their leaders in regular dialogue, to nurture peaceful co-existence and ensure that any emerging issues were addressed quickly.
Continuing, Loader disclosed that “Salvic had a robust health, safety, security, environment and quality policy in place throughout all aspect of operations.“In February 2018, the company achieved a total of over 1.1 million lost time injury-free man-hours, which is a rare feat in view of the size of the OML 30 asset and the operations.”
Analysts argue that with exceptional performance of the company, it has strategically differentiated itself as an Exploration and Production company with service orientation, focused on providing the full range of value chain services as third-party operators to asset owners rather than owing equity in asset.
