Gulf Oil and Gas accountACCOUNT

CNPC to Acquire Stake in Mauritania Exploration Block

Source: China Daily 7/2/2005, Location: Africa

Share |
China National Petroleum Corp has agreed to spend as much as US$8.6 million for a stake in an oil and gas exploration block near the coast of Mauritania. CNPC International, an overseas unit of CNPC, will acquire a 65 per cent stake in the onshore Block 20 in Mauritania by funding all the exploration costs. These could run up to US$8.6 million, according to a statement by Australia- based Baraka petroleum yesterday

Baraka Petroleum was the sole owner of the block. Under the contract, it will have the remaining 35 per cent shareholding in the venture. The block, which covers more than 10,000 square kilometres, is considered the most promising onshore part of the Mauritanian Coastal Basin, said Baraka's statement, filed to the Australian Stock Exchange yesterday.

It lies about 180 kilometres southeast of Chinguetti, the west African country's first commercial oil discovery. The block is also close to potential gas markets in the Mauritanian capital Nouakchott and the Senegalese capital Dakar, it said. "CNPC has the proven technical skills and experience necessary to unlock the potential of Block 20," Baraka Petroleum's Chairman Shane Doherty said in the statement.

"CNPC International has been looking to expand its presence in Mauritania and this farm-out agreement is a logical acquisition for them," the statement said. CNPC International already holds an exploration permit to the north of Block 20. As the operator of the two adjacent blocks, the company can achieve operational efficiency.

Under the contract, CNPC International's investment will fund a seismic survey of the Herron prospect and will "substantially" fund the drilling of the planned Herron-1 exploration well. Baraka Petroleum expects the joint venture to drill an exploration well in the second quarter of next year.
The agreement is still subject to the approval of the Mauritanian authorities.

Exploration News in Mauritania >>

Argentina >>  5/18/2018 - Echo Energy plc, the Latin American focused upstream oil and gas company, has announced the succesful completion of drilling of the ELM-1004 explorati...
Egypt >>  5/18/2018 - SDX Energy Inc., the North Africa focused oil and gas company, has announced the positive results of the well test conducted on the Ibn Yunus 1X well ...

Ghana >>  5/17/2018 - Ghana is set to award nine new upstream oil blocks for commercial exploration off its western coast beginning this year, the energy ministry said on T...
United States >>  5/11/2018 - Nostra Terra, the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce the commencem...

Egypt >>  5/9/2018 - Egypt has approved an exploration agreement with Italy’s Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the co...
Norway >>  5/9/2018 - The Norwegian Ministry of Petroleum and Energy is announcing this year’s licensing round in mature areas on the Norwegian continental shelf – Awards i...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Mauritania Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mauritania >>

More News

 

Oil & Gas Companies in Mauritania >>


Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.