{"id":10,"date":"2018-05-29T11:11:20","date_gmt":"2018-05-29T11:11:20","guid":{"rendered":"http:\/\/xtratheme.com\/default\/?page_id=7"},"modified":"2025-09-14T07:18:47","modified_gmt":"2025-09-14T07:18:47","slug":"about-us","status":"publish","type":"page","link":"https:\/\/lfcproject.com.ng\/summit2\/about-us\/","title":{"rendered":"About Us"},"content":{"rendered":"\t\t
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ABOUT US\u00a0<\/span><\/strong><\/p><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\nSummit 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.<\/p><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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The Foundation<\/h2><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • 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.<\/li>
  • In 1991, Summit Oil acquired 1,550 LKM 2D seismic data.<\/li>
  • We drilled the first exploration well in February 1992, which discovered the Otien Field on OPL 205.<\/li>
  • By 1995, Summit Oil employed 50 nationals directly and created employment opportunities for another 250 Nigerians.<\/li>
  • In March 1995, Summit Oil\u2019s operations were suspended by the Nigerian government, as were those of other businesses associated with Bashorun Abiola (GCFR).<\/li>
  • The ban on Chief Abiola\u2019s businesses was lifted in November 1998.<\/li><\/ul><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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    Technology Driven Oil Exploration<\/span><\/h2><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Continuing the Legacy<\/h2><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Summit Oil recommenced operations in 1999.\u00a0 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.\u00a0 Notable milestones include:<\/p>

    • Extension of Summit Oil\u2019s Licences in Jan 2004 for 5 years by the Federal Government of Nigeria.<\/li>
    • 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.<\/li>
    • Drilling of the second well, Otien-2 on OPL 205 in December 2007.<\/li>
    • 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.<\/li>
    • Acquisition, processing and interpretation of 4 sqkm 3D seismic across the Otien field on OML 142 in 2013\/2014.<\/li>
    • Otien-1 re-entry and completion in 2017, followed by production under an extended well-test regime.<\/li>
    • Investment of circa $150 MM in the asset to-date.<\/li><\/ul><\/div><\/div><\/div>\r\n\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t
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      ABOUT US\u00a0 Summit Oil International Limited is a pioneer oil company … <\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","footnotes":""},"class_list":["post-10","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/pages\/10","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/comments?post=10"}],"version-history":[{"count":111,"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/pages\/10\/revisions"}],"predecessor-version":[{"id":2529,"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/pages\/10\/revisions\/2529"}],"wp:attachment":[{"href":"https:\/\/lfcproject.com.ng\/summit2\/wp-json\/wp\/v2\/media?parent=10"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}