Preowei field is located approximately 175 km from Port Harcourt, within the Oil Mining Lease 130, in water depths ranging from 1100-1300m.

The discovery well Preowei-1, drilled in late 2003 through the crest of the structure encountered three main hydrocarbon bearing reservoirs which were oil and water bearing. Following the success of Preowei-1, an appraisal well, Preowei-2 was drilled on the southern flank of the Preowei structure, and it encountered oil and water.

Preliminary development studies were carried out in 2010 and 2015 which led to a recommendation for a second appraisal well to delineate the reservoirs better. In 2017, an appraisal well (Preowei-3) was drilled, and it helped in the proper delineation of the southern flank of the structure. The well found oil in all previous reservoir levels.

Following the success of Preowei -3 well, a Field Development Plan (FDP) have been put together for the development of the field in two phases and it has been approved by the Department of Petroleum Resources (DPR). The FDP proposed 16 wells (8 Producers and 8 water injectors) to develop the field in phase 1 while additional 12 wells will be required to develop the field in phase 2. The field is planned as a tie-back to the Egina FPSO.

Final investment decision is proposed for 2023 to unlock the estimated 108 million barrels oil , while First Oil is expected in 2025.