Famfa Limited was incorporated in September 1991. Famfa was awarded the leasehold rights to OPL 216 on August 10, 1993. In February 1996, the name was changed to Famfa Oil Limited with the vision to be the leading indigenous oil and gas exploration and production company in Nigeria.
On September 16, 1996, Famfa Oil Ltd entered into a DOA with Star Deep Water Petroleum assigning to them a 40% participating interest in OPL 216.
On May 11, 1998, Petroleo Brasileiro (Petrobras) was invited onto the project for a participating interest of 8%, leaving Star Deep with 32% participating interest while Famfa retains her 60% interest.
On October 15, 2000, Texaco and all its subsidiaries including Star Deep Water Petroleum agreed to be bought by Chevron, thus making all Texaco subsidiaries affiliates of Chevron.
In December 2004, oil prospecting licence OPL 216 was granted a conversion to oil mining licence OML 127.
In February 2005, a unitization agreement was signed between licence holders of OPL 216 and OPL 217 where Statoil was the operator with Texaco Nigeria Outer Shelf, Inc and Nigerian National Petroleum Corporation as partners. A unitization agreement became more feasible to limit the cost of production and maximize the amount of recoverable crude oil. The Agbami reservoir is straddled between OPL 216 and OPL 217.
Agbami field is operated by Star Deep Water Petroleum Limited, an affiliate of Chevron. Other participants in the Agbami field are Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Texaco Nigeria Outer Shelf, Inc. (a Chevron affiliate), Statoil Nigeria Limited and Petroleo Brasileiro Nigeria Limited.
The Agbami field is located 70 miles (112 km) off the coast of Nigeria and the structure spans an area of 45,000 acres (18,200 hectares) and extends from Block OML 127 into Block OML 128 in approximately 4800 ft (1460 m) of water off the central Niger Delta.
