OML 26 license contains several oil and gas discoveries including three producing fields on the western part (Ogini, Isoko and Ozoro), and two discovered / appraised fields (Aboh to the East and Ovo in the central area) that are in the process of maturation towards first production.
FHN is committed to achieving the best possible risk-adjusted returns for its stakeholders, and is dedicated to limiting the Company’s impact on the environment in terms of energy usage, waste generation and management, pollution control, good utilisation of resources, and its mitigation of various risks that could harm the environment.
Corporate governance is a fundamental part of FHN’s practice to promote fairness, accountability, and transparency in our responsibilities to stakeholders. We recognise the importance of good corporate governance practices in enabling us achieve our goals, control risks, and assure compliance.
FHN was established in 2009 as an indigenous company to pursue upstream oil and gas opportunities in Nigeria, and to find, develop, produce, and deliver hydrocarbons in a way that is value accretive to its stakeholders. At the time, the Company was 55% owned by Nigerian institutional investors and 45% owned by Afren Plc
FHN acquired a 45% interest in OML 26 in the Niger Delta region of Nigeria, which was previously held by Shell (30%), Total (10%), and ENI (5%)
Crude oil was first exported by FHN from OML 26 in April
The Company completed its first drilling campaign post-acquisition with five new wells drilled to further boost production in OML 26
483 Sq.Km of 3D seismic data was reprocessed
NNPC approved the formation of an Asset Management Team consisting of employees from FHN and NPDC, which operates the asset on behalf of the NPDC/FHN Joint Venture to improve operational efficiency
The current shareholders of the Company completed an acquisition of 70% of FHN from the Administrators of Afren Plc, making FHN a fully indigenous Nigerian company
FHN commissioned an alternative evacuation project to mitigate downtime risk due to Trans-Forcados Pipeline shutdown
The Company commissioned the Lease Automatic Custody Transfer (LACT) unit and acceptance for custody transfer
FHN implemented its 24/7 field operations and set the industry standard for onshore operations
OML 26 was selected as part of the seven critical gas development projects by the Nigerian government
FHN successfully implemented an alternative evacuation project (end to end) from its land-based field via barging into a Floating Production Storage and Offloading (FPSO) unit, which helped to reduce production deferment due to perennial shutdown periods on the Trans-Forcados Pipeline
FHN completed workover on six oil wells, renewed its OML 26 license for another twenty years, and obtained ministerial consent following the completion of acquisition from Afren in 2016
The Company recorded a total of 1.95 million incident- and injury-free man hours with no fatalities and OML 26 received the NNPC Corporate HSE Audit Commendation for the second consecutive year on impressive Health, Safety and Environment (HSE) performance
FHN drilled and completed four new oil wells and two workovers
Constructed, installed, and commissioned a 2 X 20kbbl crude oil storage tank
Commissioned a debottlenecking project to upgrade our Ogini flowstation capacity by 50%. This will provide three-phase separation and infill water management
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