Innoson expands into oil & gas in Sierra Leone with mega find
Nigerian car manufacturing giant and multinational oil and Gas Company, Innoson Oil and Gas (IOG) has hit a mega gas find in Sierra Leone, a neighbouring West African country.
The company is an arm of the Innoson Group that also makes a major Nigerian indigenous automobile brand, Innoson Motors.
A verifying work by a consulting company in oil and gas search and exploration, Ryder Scott Company, confirmed that IOG’s earlier announced find of 8 trillion cubic feet (tcf) of gas in the Sierra Leonean basin is real.
In appraising the huge gas find, IOG applauded the attractive fiscal and tax regimes by the state of Sierra Leone. It noted that these incentives greatly support her operations which it said offer a flexible and robust environment for bolder steps ahead.
The IOG operations in the Sierra Leonean fairly new oil and gas find has been providing a huge impetus to the lifting of the economy of the country.
With the estimated recoverable resources of 8.2 tcf and 234 mmbbl of gas and condensate respectively, the Ryder Scott Company has said that IOG Limited’s earlier findings from a rigorous hydrocarbon exploration campaign it has been engaged in, in the Sierra Leonean basin since 2020 are authentic.
A recently concluded independent third party evaluation, by the Ryder Scott Company, revealed an SPE-PRMS P50 estimated unrisked gross prospective recoverable resources of 8.2 tcf and 234 mmbbl of gas and condensate respectively.
The find is entirely attributable to the IOG concession offshore in Sierra Leone.
IOG was awarded nine provisional blocks in May 2020 in Sierra Leone.
The following year, the parliament of Sierra Leone ratified a petroleum exploration and production license in favour of the Nigerian multinational as confirmed in a letter of conveyance to IOG in April 2021.
The Sierra Leonean basin has a working petroleum system, corroborated by oil deposits encountered during previous exploration activities amongst others by Anadarko, Repsol, and Tullow Oil that achieved the Venus B1 discovery and Mercury wells.
According to Martin Nweke (IOG’s Administrative Director), boldness, and the willingness to deploy unconventional but performant technological ingenuities and people, constitute foundational propositions that drove the campaign of the industry novice.
With cost and time, the IOG exploration team, led by Dr. Andrey Sergeev, Project Director, and Chief Geologist, deployed robust earth remote sensing (ERS) method for basin reconnaissance.
Assessment of gathered ERS data pre-informed the choice and number of graticular blocks in IOG extant acreage.
The so determined ERS acreage pre-knowledge reduced the need for 2D and 3D seismic- and well-data to target only prospective anomalous zones in the contract area.
The development opportunity is currently being appraised. Asset evaluation, a field development plan, and the setup of a data room are vigorously pursued with the immediate objective to engage a farm-in partner; ideally, with the financial strength, technological and management competencies to accomplish joint discovery, development, and production.
IOG has a 100 percent working interest on the prospect with a 10 percent carried, plus an optional 5 percent paid interest(s) for the state of Sierra Leone.