ABERDEEN-based Eland Oil & Gas has said it is keen to start production from the Gbetiokun field in Nigeria after a specialist report highlighted the potential value of the asset. Eland said Netherland, Sewell & Associates calculated the field contains 10.7 million barrels oil on a proved and basis. The consultancy reckons Eland’s share, of 3.8m barrels after royalties, is worth around $44 million (£30m). The company’s chief executive George Maxwell noted its share of the cost of developing the first phase of Gbetiokun is estimated at $6.5m. Eland also announced that chief financial officer Louis Castro has elected to leave the company at the end of May. He will be succeeded by Olivier Serra who spent 18 years in investment banking primarily focused on the energy industry. Mr Maxwell said: “I would like to thank Louis Castro for his contribution to the Company and I wish him well for the future.”
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