Green Energy International Limited/LekOil Joint Venture and the Federal University of Technology, Akure (FUTA) have announce the signing of a Memorandum of Understanding (MoU).
The Otakikpo JV entered into a five-year research agreement with FUTA as its academic research partner.
In a press statement made available to LEADERSHIP, the Otakikpo JV will fund research aimed at enhancing hydrocarbon exploration and exploitation in the Niger Delta.
FUTA, established in 1981, is ranked 8th in environmental sciences and 9th in engineering on the university ladder. It is a leading research and academic institution with a strong track record of delivering solutions to complex situations surrounding environmental, sustainability and outreach issues across Akure and Nigeria.
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 will receive $135,000 for high priority study that assesses fundamental issues such as; Porefill prediction, Utilization of seismic and well data log in predicting and monitoring reservoirs in the Otakikpo field and Human capital development.
While speaking at the signing, the Chairman, GEIL, Prof. Anthony Adegbulugbe noted that as an aspiring leading indigenous oil and gas company, we believe that our partnership with FUTA would create a long-term approach in the sustainability of production of hydrocarbon.
“The research would help reduce the risks of drilling dry wells and other associated risks such as; 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 (NCDMB) under the Nigerian Oil and Gas Industry Content and Development Act (NOGICD) of 2010, which was set up to develop the capacity of the local supply chain for effective and efficient delivery of oil and gas without the compromisation of 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 program. The project’s success could see more production wells being brought online to increase crude oil reserves in the Niger Delta.
