Mike Adenuga founded Conoil plc formerly called Consolidated Oil Nigeria Limited; the company was incorporated in 1984.The principal activities of the company are the exploration, production and sales of crude oil.
Conoil Producing currently has numerous oil blocks, namely – OMLs 103, 136 and OPLs 290 and 257, were acquired and paid for after competitive bidding rounds organized by the Federal Government of Nigeria. An integrated oil and gas company with numerous employees and operations of numerous licenses in the Niger Delta.
Conoil plc is the leading Nigerian independent oil and gas exploration and production company. Well positioned in West Africa as the flagship of the independent oil and gas companies.
The primary equity holder in one of the leading companies in refined products marketing in Nigeria. Initiated and executed its first pre-drill site and pipeline survey within one month of award of block Oil Prospecting License (OPL) 113 (now OML 103) in 1991.
Remapped Bella structure in OPL 113 and proposed back-to-back appraisal wells for drilling within two weeks of the discovering the well.
Locally refitted the broken legs of the Mobile Offshore Production Unit “Mr. P” at Globestar yard in Warri, Nigeria and towed the same to location within two months of the incident.
In 1997, became the second E&P Company in Nigeria to drill and produce a horizontal well.
The company was the first E&P Company in Nigeria to run the Halliburton Magnetic Resonance and Imaging Log (1997)
Purchased jack-up rigs and converted it to production platforms.
Conoil Nigerian personnel did all conceptual engineering design and construction supervision.
Holds the record of the fastest on-stream activity in Nigeria oil and gas business, with eleven months lapse time between block award and export of first oil (OML 59).
Current total ultimate recoverable oil reserves of over 400 million barrels and 1.8 trillion cubic feet of gas. Total potential resources are approximately 820 million barrels of oil equivalent.
Was the first E & P company to commission an ocean bottom cable 3D seismic survey in the marine/transition zone in Nigeria.
Achieved 60% exploration drilling success and 100% for appraisal and development drilling
Operated three (3) offshore rigs simultaneously during the period 1998-2001 even when international oil price was low.
Established an outstanding track record as a producer.
Has operated continuously as a responsible corporate organization in all dealings with stakeholders and executed various community development projects.ConConois an independent Exploration and Production company in Nigeria with over 26 years of experience in entire E&P value chain.oil is an independent Exploration and Production company in Nigeria with over 26 years of experience in the entire E&P value chain.
Board of Director of Conoil Plc
Mike Adenuga Jnr. (OON), Chairman
Mike Adenuga Towers, 1 Mike Adenuga Close, Off Adeola Odeku Victoria Island, Lagos, Nigeria
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