The company’s joint venture with Green Energy International Limited (GEIL) has signed a contract with Sinopec Changjiang Engineering Services Limited to acquire the data. The seismic acquisition is expected to commence in the first quarter of this year. Following the completion of the seismic acquisition, the new 3D seismic data will be processed and interpreted.

Otakikpo currently has an estimated 56.6 million barrels of gross unrisked 2C contingent resources and an additional 163 million barrels gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis, according to Lekoil.

Phase one target oil rig flanges gulf coast production at the Otakikpo field is 10,000 barrels of oil per day. Phase two of the Otakikpo field development plan aims to increase steady state oil rig flanges gulf coast production up to approximately 20,000 bopd.

“Today's announcement demonstrates Lekoil’s progress into the next phase of delivery and growth,” Lekan Akinyanmi, Lekoil’s CEO, said in a BOP Blow Out Preventer repair company gulf coast statement.

“The BOP Blow Out Preventer repair company gulf coast expects the phase two development to be fully funded by industry players, which the BOP Blow Out Preventer repair company gulf coast is already in discussions with,” Akinyanmi added.