With 2P+2C reserves and contingent resources estimate of approximately 600MMBOE, and prospective resources of c.450MMBOE, the hydrocarbon portfolio in OML 26 is very robust. It presents a solid resource base for building a long-term oil & gas production portfolio with strong cash generation prospects. Significant exploration and appraisal potential, conversion of contingent resources into reserves, optimisation of production from existing wells, excellent community relations, and impeccable HSES performance provide strong building blocks for production growth and value creation.
Our strategy is founded on seven core pillars through which we pursue our business objectives
Our aim is to advance the maturation of our oil and gas reserves in OML 26. We plan to high-grade contingent resources in our asset and define suitable portfolio management plans. We consistently target additional contingent resources by estimating the technical limit recovery factors for all subsurface assets, identifying potential projects, and technologies to close highlighted recovery gaps.
To achieve production growth, we also pursue value-accretive portfolio expansion via participation in licensing rounds, farm-ins, and acquisitions.
Running planet-friendly business processes to reduce our impact on the environment and preserve natural resources is important to us. We institutionalise best-in-class Health, Safety, Environment, and Social performance as a core habit across all levels of our organisation. We proactively manage relationships with our host communities to promote a culture of mutual dependence, and beneficial relationships. Our aim is to build an environment of trust by keeping our promises to all stakeholders whilst driving transparency and compliance with regulations and standards.
A key priority for us at FHN is ensuring profitable growth. We do this by driving cost leadership across the entire business value chain, delivering best-in-class unit cost performance, and reducing the volumetric threshold for well profitability. We consistently identify profitable growth opportunities and create high-impact value propositions.
We see substantial opportunities in our business, including but not limited to increased consumption of gas domestically and internationally. FHN aims to strike a strategic balance between the need to grow oil and gas production in the short to medium term, and build a balanced portfolio with the right product mix. As a result, high grading our significant gas portfolio and fast-tracking its maturation is a key priority for us. Our focus is investing in gas exploration, thereby targeting the significant undiscovered potential in our asset. This enables us to maximise value across the hydrocarbon value chain.
Recognising the importance of an appropriate project delivery approach in the outcome and quality of our relationships with other stakeholders has helped us to make high-quality delivery a priority. We focus on fit-for-purpose solutions, pursue world-class delivery that drives quality and long-term maintenance, incorporates new technology, and ensures life-cycle operability in our designs.
Delivering value to stakeholders, improving overall organisational effectiveness and capabilities, and contributing to overall business sustainability through performance excellence is key. We actively maximise the utilisation of infrastructure capacity, maintain an unrelenting focus on asset integrity, embed lean culture by making it a way of doing business, and apply modern technology and tools to maximise operational performance in real time.
People are vital contributors to the success of our business. We attract, develop, and motivate our people to perform to their potential and reward them appropriately. The success of our people is our true competitive edge. Our people are respected, valued, and empowered.