Sirius Petroleum in Ororo financing talks with BP

Sirius Petroleum, working to develop the Ororo field offshore Nigeria is in talks with BP over the financing of the project.

The company on Monday confirmed “it is currently in discussions with BP regarding an offtake and pre-payment facility to support the financing of the company’s proposed drilling programme on the Ororo Field in Nigeria.”

However, Sirius said that discussions with BP, and other parties regarding financing, are ongoing and there can be no certainty that Sirius will reach an agreement with BP regarding the proposed offtake and pre-payment.

It said it would provide updates to the market as appropriate.

The Ororo field, discovered in 1986, is located within OML 95 in shallow waters offshore Ondo State. The field lies in water depths ranging between 23ft and 27 ft.

Guarantee Petroleum has a 55% participating equity interest in the Ororo field with Owena Oil & Gas as its partner holding the remaining 45% interest. Sirius Petroleum acts as the technical and financing partner in the development of the field.

Offshore Energy Today Staff