Mart Resources reports that Umusadege field, its only producing asset anywhere, averaged production of 7,847 BOPD during August 2014.
The Canadian minnow is entitled to 50% of the field’s crude, with partner and operator Midwestern Oil and Gas taking 35% and Suntrust having 15%. Umusadege is located in Nigeria’s western Niger Delta.
Mart says that “aggregate Umusadege field downtime during August 2014 was approximately 12.0 days due to shutdowns of the Nigerian Agip Oil Company Limited (“NAOC”) export pipeline resulting from operational interruptions due to general pipeline repairs and maintenance”. There were eight full down days during the month. The average field production based on producing days was 12,816 BOPD in August 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for August 2014 were approximately 243,143 barrels before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from August 2013 to July 2014 of 21.44%, Mart estimates pipeline and export facility losses for August 2014 will be approximately 52,131 barrels. Using this estimated pipeline and export facility loss volume, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for August 2014 less estimated pipeline losses will be 191,012 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for July 2014 were 31,324 barrels, or 14.9% of total crude oil deliveries into the export pipeline for that month. Pipeline and export facility losses allocated to Mart and its co-venturers from January to July 2014 have averaged 17.5% of total crude oil deliveries into the export pipeline for 2014.
In August, Mart Resources announced, total net crude oil deliveries into the export pipeline from the Umusadege field for July 2014 as approximately 210,566 barrels. “Accordingly, after deducting the actual pipeline and export facility losses allocated for July 2014, the total net crude oil deliveries less losses for July 2014 were 179,242 barrels. Mart previously estimated pipeline and export facility losses for July 2014 to be approximately 47,052 barrels, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.35% between July 2013 and June 2014. August 2014 pipeline and export facility losses have not yet been reported by NAOC”.
