Universal Energy Resources Ltd ("Universal Energy") is pleased to announce the commencement of crude oil production from its Stubb Creek Field in Akwa Ibom State, following approval to embark on delivery of oil through Exxon Mobil's Qua Iboe Terminal, which came on-stream in early Feb. 2015.
With this achievement, Universal Energy has joined the league of marginal oil field producing companies in Nigeria, having successfully completed the construction of an Early Production Facility and building of the necessary 23 km pipeline from the Stubb Creek Field to Exxon Mobil's Qua Iboe Terminal to enable evacuation and delivery.
Commercial oil production from the Stubb Creek Field is at an initial gross rate of 2,000 bpd with plans to increase the processing capacity to 8,000 bpd.
Commenting on this milestone, Bassey Umoh, Managing Director, Universal Energy, said Universal Energy has achieved a major milestone in the long term development plan for the Stubb Creek Field; that is first oil from this marginal field. The marginal field round was executed with the aim of enabling domestic companies to bring smaller marginal fields on-stream and we are proud to have achieved this.
As a team, Universal Energy wishes to express sincere appreciation and thanks to everyone who provided support and significantly contributed to the successful completion of the Stubb Creek Early Production Facility Project in Unyenge, Mbo Local Government Area; from conceptualisation, through to development and achieving first oil delivery. Particular thanks to our esteemed Board Chairman and Members, Seven Energy International Limited (which owns 62.5% equity interest in Universal Energy), other shareholders, our Joint Venture Technical Partner - Sinopec International Petroleum Exploration & Production Company (Nigeria) Ltd and the current Universal Energy management team and our retired and serving staff. We also value the immense contribution of Universal Energy project team and the numerous contractors, suppliers and vendors that have all played a part in the accomplishment of this goal in the development journey of the Stubb Creek Field.
Universal Energy appreciates the support of the Federal Government of Nigeria and its functionaries, the Akwa Ibom State Government, relevant Government Regulatory Agencies including Department of Petroleum Resources (DPR), Federal Ministry of Environment (FMEN), Federal Ministry of Trade and Industry (FMTI), Nigerian National Petroleum Cooperation (NNPC) Commercial Division, Nigeria Content Development Management Board (NCDMB), as well as Nigeria Security Agencies. Lastly but most importantly, we would like to commend our host communities in Akwa Ibom State for their support in creating a conducive environment for our operations and granting us access to operate in the immediate and outer communities.
We would like to offer our assurance that Universal Energy will continue to uphold the Industry Best Practices while carrying out its operations and in accordance with the Laws of the Federal Republic of Nigeria.
Bassey Umoh
Managing Director, Universal Energy
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