Emadeb E&P achieves first oil from Ibom Field in October
Emadeb Petroleum Exploration & Production Company has begun extracting crude from the Ibom Field offshore location following investments exceeding $100 million since acquiring the asset through a marginal field licensing round. Chief Executive Officer Adebowale Olujimi said the development demonstrates local operator capabilities in advancing national energy objectives while generating employment and economic benefits.
The underwater reserve, situated approximately 30 kilometers from shore and initially identified decades ago, contains an estimated 103 million barrels. Regulatory authorities approved the development strategy following completion of infrastructure, including a mobile producing offshore unit and mooring system. The operator finished drilling operations on the Ibom-03 well before achieving commercial output.
Emadeb plans additional drilling during a second phase that aims to increase extraction rates threefold within the coming year while maintaining environmental and safety standards.
