The OML 24 Syndicate of Lenders has appointed MudoZangl Nigeria as their Technical Advisor on a 3-year contract effective Jun 1, 2022.
NewcrossEP has 45% equity in the OML 24 asset and operates the asset on behalf of the NNPC/NewcrossEP Joint Venture. OML 24 is a mature asset consisting of 3 producing fields, more than 50 wells, 3 flow stations and a gas plant.
The OML 24 Syndicate of Lenders comprises of eight of the leading banks in Nigeria. They jointly funded the Operator’s acquisition of their 45% stake in the asset in 2013. The Lenders have commissioned MudoZangl as their Technical Advisor on a 3-year contract effective Jun 1, 2022. MudoZangl’s scope includes:
- monitoring the Operator’s daily production, field activities and asset integrity
- forming independent assessment of current and future developments
- identifying opportunities to enhance operational and capital efficiency
- monitoring HSE, regulatory, and institutional compliance
- ensuring transparency across the entire value chain.
To give the lenders an unprecedented ability for real time assessment of the Operator’s true capability as a revenue producing enterprise, we will convert the Excel-based Financial Model into a dynamic Financial Operations Model and deploy on our novel noobyia platform.
