Pillar Oil Limited is a wholly indigenous exploration and production oil and gas company operating in Nigeria. Incorporated on 10th July, 1997, the Company operates under the highest standards while making a positive impact on the Nigerian economy. Currently the Company has operations in Lagos and Delta States of Nigeria.
The Marginal Fields Programme
The Marginal Fields programme commenced following Decree No. 23 in 1996 and the “Government Policy and Guidelines on the Development of Marginal Fields in the Country” on 5th December, 2000.
On 25th February, 2003, after rigorous competitive bidding for 24 fields hitherto operated by Shell (12), Chevron (8) and Elf (4), Pillar Oil Limited was awarded, on a sole risk basis, 100% participating interest and Operatorship of the onshore Umuseti/Igbuku field complex (OML 56) located in Kwale, Delta State, Nigeria. The field was previously operated by Elf Nigeria Limited.
The Umuseti/Igbuku field complex has two proven oil and gas fields (Umuseti and Igbuku) and four identified satellite prospects (Umuseti-North East, Umuseti-East, Igbuku-West and Igbuku-North).
Overall Strategy
Increase oil and gas production for sustained long term growth, protect the environment and participatory development of the host communities.
Partnerships
As the need arises, the Company will forge financial and technical partnership(s) with willing companies that share our vision of developing a balanced portfolio of energy assets with the added ability to respond swiftly to opportunities and to spread the risks associated with the oil business, particularly in the area of gas development.
The Company’s partnerships with Umuseti and Igbuku communities and their environs, the Cluster members within and around OPL 283, and the relevant Federal and State government agencies remain cordial.