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Advantaged Barrels in Deep Water Nigeria

PML 2, PML 3, PML 4 and PML 52 Nigeria

Africa Oil has a 50% equity interest in Prime Oil & Gas Coöperatief U.A. (“Prime”) which has producing assets in Nigeria’s deepwater Niger Delta Basin, operated by Chevron and TotalEnergies.

The main assets of Prime are an indirect 8% WI in PML 52 and an indirect 16% WI in PMLs 2, 3 and 4 as well as PPL 261. PML 52 is operated by affiliates of Chevron and covers part of the producing Agbami field.

PMLs 2, 3 and 4 and PPL 261 are operated by affiliates of TotalEnergies and contain the producing Akpo and Egina fields. The three fields in these PMLs are located over 100 km offshore Nigeria.

All three fields have high quality reservoirs and produce light to medium sweet crude oil through FPSO facilities. Akpo and Egina also export associated gas which feeds into the Nigerian liquified natural gas plant, whilst Agbami associated gas is mostly reinjected.

Akpo Field (PML 2)

The Akpo field is a major offshore oil and gas field located approximately 200 km off the coast of Rivers State, Nigeria, in water depths ranging from 1,100 to 1,700 meters.

  • Field development began in 2005, with a total of 44 wells planned (22 production, 20 water injection, 2 gas injection).
  • First production achieved in March 2009.
  • The Akpo West tie-back project started up in early 2024, adding 14,000 barrels of condensate production per day.

Egina Field (PML 3)

  • The Egina oil field is a significant ultra-deepwater oil field located approximately 150 kilometers off the coast of Nigeria in the Gulf of Guinea.
  • The field is situated at water depths ranging from 1,150 to 1,750 metres.

Preowei Field (PML 4)

  • The Preowei field was discovered in 2003 through the Preowei-1 well, which encountered three main hydrocarbon-bearing reservoirs
  • The approved Field Development Plan proposes a two-phase development with 16 wells in Phase 1 (8 producers, 8 injectors) and 12 additional wells in Phase 2.
Effective Interest

Effective Interest

Agbami Field (PML 52)

The Agbami Field is a major offshore oil and gas field located in deepwater Nigeria, approximately 70 miles (113 km) off the coast of the central Niger Delta region.

  • Discovered in 1998 and began production in 2008.
  • The $3.5 billion development is one of Nigeria’s largest deepwater projects.
Effective Interest

Effective Interest


All three fields have high-quality reservoirs that produce light to medium sweet crude oil.