Ozoloeon is a redevelopment of the field which was discovered in 1981 and initially developed in the mid-1990’s. However, as a result of inadequate project planning and execution, the field was abandoned early when only 6% of the original oil in place had been produced.
In 2004, EPG was awarded the licence in the 19th Licence Round.
EPG has used the extensive available database to define an optimised, low cost Field Development Plan that gained technical acceptance in August 2015. That plan is based on the development of oil from the Ozoloeon fields. There will be a subsequent simple development of the Ozoloeon gas caps. EPG is developing oil reserves of at least 61 mmbbls and future gas volumes of 124 bcf. EPG will also look to use the Ozoloeon facility as a hub for other nearby discoveries and prospects, which have an unrisked potential of some 400 mmboe.