ABOUT US
Summit Oil International Limited is a pioneer oil company that was founded in 1990 by Chief Moshood Abiola (GCFR) to embrace the indigenous upstream oil company concept.
The Foundation
- OPL 205 and OPL 206 were granted to Summit Oil on September 3,1990. The blocks were part of OPL 450 under NNPC/NPDC operations.
- In 1991, Summit Oil acquired 1,550 LKM 2D seismic data.
- We drilled the first exploration well in February 1992, which discovered the Otien Field on OPL 205.
- By 1995, Summit Oil employed 50 nationals directly and created employment opportunities for another 250 Nigerians.
- In March 1995, Summit Oil’s operations were suspended by the Nigerian government, as were those of other businesses associated with Bashorun Abiola (GCFR).
- The ban on Chief Abiola’s businesses was lifted in November 1998.
Technology Driven Oil Exploration
Continuing the Legacy
Summit Oil recommenced operations in 1999. Kola Abiola, Managing Director since inception (and now Executive Chairman), headed the revamped team charged with actualising the goal of developing a profitable multi-asset E&P company. Notable milestones include:
- Extension of Summit Oil’s Licences in Jan 2004 for 5 years by the Federal Government of Nigeria.
- Confirmation of the highly attractive Anambra Basin Terms by the then Department of Petroleum Resources (DPR) in 2006, further extending the life of the licence.
- Drilling of the second well, Otien-2 on OPL 205 in December 2007.
- Submission of the OML conversion application for OPL 205 to the DPR in November 2008 and conveyance of the OML 142 Title Deed in August 2010.
- Acquisition, processing and interpretation of 4 sqkm 3D seismic across the Otien field on OML 142 in 2013/2014.
- Otien-1 re-entry and completion in 2017, followed by production under an extended well-test regime.
- Investment of circa $150 MM in the asset to-date.
MISSION
To power growth and development in Africa by responsibly exploiting oil and gas reserves.
VISION
To become a widely respected producer of oil and gas resources throughout Africa, recognised for our profitability, commitment to the development of host communities and indigenous talent.
VALUES- ICEE
- IIntegrity
- Collaboration
- Entrepreneurial Spirit
- Execution Excellence
Our Team
Our team of seasoned experts combines cutting-edge technology with best practices to ensure efficiency and environmental stewardship in all our operations.