The first well was drilled in 1999, Agbami 1 was the first prospect identified with the 3-D visualisation technology for finding exploration targets. The wildcat is 4,700 feet under water, which made it the deepest water depth well at that time.

In 2000, the first appraisal well was confirmed to have recoverable reserves in excess of 1 billion barrels of oil equivalent. This surpasses expectation and ranks among the largest single finds in deepwater West Africa.

In August 2001, an additional 14 wells appraisal program confirmed earlier reserve figures. With Peak production estimated at 200,000 barrels of Oil per day, Agbami is clearly a world calss and high impact project.

In December 2004, Oil Prospecting Licence OPL 216 was granted a conversion to OML 127.

In February 2005, a unitization agreement was signed between licencees OPL 216 and OPL 217, where Statoil is the operator with Chevron as a partner. A Unitization agreement came to be because Agbami reservoir straddles between OPL 216 and OPL 217. Till date, wells have been drilled on the field. These include wells on OML 127 side of the field and wells on OML 128 side of the field