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Exploration

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Exploration

Block 15/06 is one of the most prolific licences in Angola. (Image source: Adobe Stock)

The Government of Angola has approved Sequa Petroleum NV's acquisition of participating interests in Block 15/06 (10%), Block 23 (40%, with operatorship), and Block 27 (35%)

Block 15/06 is one of the most prolific licences in the Angola deepwater with current oil production approximately 100,000 barrel of oil per day, forecasted to increase beyond 200,000 bopd within two years through an ongoing development programme. 

Angola is further opening its doors to investors from around the globe as Angola's National Oil, Gas & Biofuels Agency (ANGP) prepares to offer 10 blocks in the Kwanza and Benguela Basins early next year

Transaction details

The SPNV transaction process that dates back to 2022 following the issuance of an independent review of Block 15/06 is set to finally come to a close around the end of this year. The SPE PRMS guidelines-backed and updated review for estimated remaining recoverable volume of the 10% interest sums up to 72 million barrels of oil since January 2024 (around 78 million barrels from the effective date).

The transaction is planned to be funded through a combination of equity contributions from the partners, and third-party debt. 

Angola’s minister of mineral resources, oil and gas, Diamantino Azevedo, highlighted new industry policies in the country such as the permanent offering of blocks, among others, while speaking at the Angola Oil & Gas 2024 conference.

The contract makes CNOOC Africa Holding the operator of Block 7. (Image source: Adobe Stock)

CNOOC Limited's wholly owned subsidiary, CNOOC Africa Holding Ltd, has entered into an exploration, development and production contract (EDPC) with Midland Oil Company for Block 7 in the Republic of Iraq

Block 7 is located in Province Diwaniyah, spanning across an area of 6,300 square kilometers.

Operator status

With a 100% interest, the contract makes CNOOC Africa Holding the operator of Block 7. The first stage of the exploration period shall be three years. 

CNOOC has a long-standing presence in Africa, from Uganda's Albertine Graben region to nearly US$14bn interests in Nigerian operations, among others. 

Exploration activities began with the drilling of A1-96/3 (Hasheem Prospect). (Image source: NOC Libya)

Eni and bp have resumed their exploration activities in Libya for the first time in the Area B (96/3) of Ghadames Basin, where onshore operations were haulted since 2014

Repsol is also preparing to restart drilling in Murzuq Basin, and OMV is set to begin operations in Sirte Basin in the coming weeks. 

Last month, the Libya-Italy Roundtable and VIP Networking Evening took place in Rome with a purpose to unlock new partnership and investment opportunities, especially targetting private sector participation. 

Exploration activities in Area B (96/3) began this month, with the drilling of the first exploratory well, A1-96/3 (Hasheem Prospect) that is projected to reach a final depth of approximately 10,327 ft (3,147 m).The well is located about 35 kms from the Wafa field and approximately 650 kms from Tripoli. Several promising geological formations in the A1-96/3 well will be tested for oil and gas presence. 

Supervision by Mellitah Oil & Gas joint venture

Contracted following the Fourth Bid Round Contract of 2007, Eni operates the area in partnership with bp and the Libyan Investment Authority. The Mellitah Oil & Gas joint venture, with its extensive experience in the region, particularly in developing and managing the Wafa field, is overseeing the drilling operations and all related activities for the well.

The Mellitah venture that comprises the National Oil Corporation of Libya and Eni North Africa, is also spearheading the revamping of the Bauri Gas Utilisation project