What We Do

OUR STRATEGY

Vein Petroleum’s focus is on the Niger Delta and new basins in the Gulf of Guinea that offer the scope for low cost entry and significant growth opportunities.

We seek to create a balanced portfolio of exploration and production assets and pursue opportunities in the offshore and onshore terrain where we intend to exploit overlooked opportunities in new and existing basins;

benefit from advantageous fiscal terms to indigenous companies; develop and grow regional and intra-continental relationships; and make full use of our strong technical team and industry relationships.

How We Do It

Vein Petroleum participates in the bidding, acquisition and development of marginal fields / block in Nigeria this will be done either independently or in joint partnership with investors. VP will also pursue farm-in opportunities in existing marginal assets held by Nigerian Indigenous companies and acreage management opportunities offered by the IOCs.

VP will also seek participation in other plays in the Gulf of Guinea as part of its broader growth strategy.

Leadership

The Vein Petroleum Board consists of highly experienced professionals and business experts with profound understanding of the dynamics of the oil and gas industry at both local and international levels.

Corporate Values

Our Corporate Values of Integrity, Value Creation, People, Social Responsibility and Performance underscore the qualities that define us as an indigenous energy company and highlights our commitment to the Oil and Gas Industry in Nigeria. While our strategy changes over time based on business conditions, our values are enduring and they represent the basic building blocks of our organization’s culture.

VEIN Petroleum USA

The return of oil M&A activity and Vein Petroleum’s new Texas investment

As oil prices are returning to the norm, M&A activity is once again increasing for maturing and smaller-sized oil fields. Meanwhile, larger energy companies are divesting parts of their oil portfolios, including producing and inactive fields, in order to further invest in gas and energy transition projects. This divestment is being driven by the rapid rising of gas demand in Europe, Africa, and Latin America, and investor pressure for more carbon-neutral projects.

With the ongoing global divestment and upcoming licensing rounds in Africa and Latin America, we are sure to see new deals taking place in the aforementioned regions, and the US, as the SMEs are seizing the opportunity to acquire low-cost projects with easily available buyers.

Africa and US-based company Vein Petroleum invests in Texas opportunity

In addition to their maturing acreage in Nigeria, Vein Petroleum recently acquired a 38% working interest in the Lester Unit Acreage in Texas, operated by Baron Energy Inc, effective beginning of August 2021. In addition to the working interest, Vein Petroleum secured a Net Revenue Interest (NRI) of 28.12%.

The Gonzales County acreage currently has two wells drilled, targeting the Austin Chalk Formation, titled Lester Unit#1 and Lester Unit#2

[Figure 1 – Outline of Lester Unit Acreage]

The first horizontal well has been in production for the past 20 years, currently producing an average of 1.5 bpd, while the second well began drilling in 2019 but was suspended due to low oil price, and the ensuing challenges created by the pandemic.

Currently, work is continuing in order to complete Lester Unit 2 and begin production by the end March 2022, with initial production estimates at 130 bpd for the first 2 years. The projected rate of return is around 89% at $65 oil price with a payout time of less than 18 months.

The Current operation on LU2 includes 3 phases:

1. Drilling out set plugs
2. Frac operations, testing & flowback
3. Moving tanks and setting equipment in place.

[ Figure 2 – Ongoing Well Reentry Operation at Lester Unit2 ]

If you would like to learn more about Vein Petroleum US projects, or have an interest in investing in oil and gas opportunities in The United States contact investment@veinpetroleum.com.