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Our Assets & Operations

Our Assets & Operations

Asasa West Field (PPL 256)

Asasa West Field is located 50 km offshore Eastern Niger Delta with water depth of about 150 ft. Asasa West field was previously designated as a field but now operated under the Petroleum Prospecting License number 256 (PPL 256) in accordance with the Petroleum Industry Act (PIA), 2021. The field is situated in the NW corner of OML 102, a block operated by TEPNG Joint venture (JV) with NNPC. Access to the field is either by marine vessel or helicopter.

Asasa West Field is covered by 18 Km2 of 3D siesmic data of good quality. The field was discovered by the Asasa West 1 well in 1982 which was a vertical well drilled to 7,777ft. The well encountered two hydrocarbon bearing sand between 5,160 – 5,306 TVD.

The nearest production facilities to Asasa West field are: Asasa Platform located approximately 2km to the east of Asasa West, Mbamba platform located approximately 5km to the north of Asasa West and the Inim-Usiere platform, located approximately 15km to the north of Asasa West field, all these platforms are within OML 67 and are operated by Mobil.

Subdrill was awarded 93.29% interest in the Asasa West Field in June 2022 and in line with Petroleum Industry Act, 2021, Subdrill was granted 93.29% interest in PPL 256. Since then, Subdrill has concluded a Field Development Plan and carried out an Environmental Evaluation Study for onward plans to first oil which is targeted by Q4 2023.

PPL Operations Benefit under PIA 2021

PPL holders have the exclusive right to conduct petroleum operations within the field.

The highest headline rate of tax for a company in the upstream oil and gas industry is 60% compared to the current rate of 85%

PPL holders discuss directly with the government and regulators, and have full right as block owners