(Ecofin Agency) - Erin Energy has said that drilling operations at its Oyo-9 development well in Nigeria are scheduled for next month and are expected to be completed before the end of this year.

The Oyo-9 development well is capable of boosting the Oyo field’s production by between 6 000 and 7 000 bopd and increase Erin’s current production of 6 000 bpd by twofold.

In additions to the drilling, the company also plans to connect its floating production storage and offloading facility (FPSO) to the Oyo-7 well. This is expected to add 1,200 bopd to its production.

The scheduling comes after the company in March signed a $15 million drilling contract with Pacific Drilling, to use its sixth-generation double-hulled drill ship, the Pacific Bora rig.

“The company is pleased with the progress of its drilling operations and the possibility to more-than-double the company's current production. Additionally, we believe our greatest shareholder value-creation opportunities are in our Miocene exploration prospects, where we are working to accelerate the drilling in OML 120 and 121. Solid progress is also being made to restructure our debt, including the reduction in our accounts payable,” said Femi Ayoade, Erin’s CEO.

Anita Fatunji