Conoco begins feasibility study for oil in Nigeria's southwest

Conoco Energy has begun a feasibility study aimed at developing a significant heavy oil business in Nigeria's southwest, a source at the company has said. The source told that the study area would encompass OPL 474 and that the work would be completed in one year.
"The heavy oil feasibility study forms part of Conoco's strategy to increase its business in Nigeria and to contribute to the overall development of the nation," the source said. He noted that the year-long study was imperative as a result of low level of information of the "bitumen belt" which was insufficient to determine whether or not a project of sort was feasible.

The source explained that the study would be fully integrated investigation, incorporating all aspects of reservoir performance through to marketing, refining and project financing. The source pointed out that the study would allow Conoco to increase its crude oil production in the country to increase exports.