BOC assets portfolio among others is inclusive of Atala-OML 46, which was awarded to it by the Department of Petroleum Resources (DPR), a subsidiary of the Nigeria National Petroleum Corporation (NNPC) in 2003 and OPL 240 in 2007 respectively. The company aims to put Atala field into full production by Q4 of 2017 and is also ready to increase its portfolio of assets through acquisition or farm-ins of or bidding for oil and gas assets across Nigeria as they become available.
BOCL is structured to operate in the upstream, downstream, midstream and service sectors of the Nigerian oil and gas industry. Acquisition of oil and gas assets started with the Atala marginal field, with proven reserves of about seven million barrels of oil and over 500 billion standard cubic feet of gas and then OPL 240 through competitive bid at the 2007 licensing round. Further acquisitions will be made as the opportunities become available to strengthen the company’s reserves base, asset base and cash flow.
The principal business is to exploit, produce and deliver hydrocarbons. To accomplish this and ensure strength & growth, the company will engage in other energy related activities.
- Through subsidiaries
- Partnership/strategic alliances with persons, corporations, firms or entities.
All the company’s activities shall be consistent with its responsibilities to all stakeholders.
The petroleum industry include the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol).
Processing and refining operations turn crude oil and gas into marketable products. In the case of crude oil, these products include heating oil, gasoline for use in vehicles, jet fuel, and diesel oil. Oil refining processes include distillation, vacuum distillation, catalytic reforming, catalytic cracking, alkylation, isomerization and hydrotreating.
Oil and gas are transported to processing facilities, and from there to end users, by pipeline, tanker/barge, truck, and rail. Pipelines are the most economical transportation method and are most suited to movement across longer distances, for example, across continents.
Midstream service providers apply technological solutions to improve efficiency during midstream processes. Technology can be used during compression of fuels to ease flow through pipelines; to better detect leaks in pipelines; and to automate communications for better pipeline and equipment monitoring.