OML 142 was awarded in 1989 to Summit Oil, an indigenous Nigerian company owned by the prominent Nigerian family of Chief MKO Abiola. The block was awarded as a Sole Risk License with excellent fiscal terms. Suntera became a partner to Summit in 2006 and helped convert the block to a 20-year oil production license (OML 142) in 2010, with no minimum work programme. Suntera Nigeria 205 Ltd is the technical party supporting Summit in its endeavours with 40% participation interest, whilst Summit remains the operator. Suntera owns 50% of Suntera Nigeria 205 Ltd, with the rest of it equally held by two Indian NOCs, Oil India Ltd and Indian Oil Corporation Ltd.
OML 142 is a 1,295 km2 block, is located onshore Nigeria, in Edo State. The state capital Benin City is at the edge of the block and is well-connected by airport and highways.
3D seismic acquisition was acquired during 2013-14 and Processing & Interpretation (including Petro physical studies, Pre SDM-processing & AVO studies) was undertaken during 2016.
Currently the field is on stable production for the past 1 year.
The plan is to drill more wells to enhance the production and resources of the block.