Eritrea's Ministry of Energy and Mines has reached an agreement with TGS-NOPEC Geophysical Company (TGS) to promote a licensing opportunity in the nation's Zula block. Zula, measuring 7,000 square kilometers, is located in the shallow waters (<60 meters) of the Red Sea offshore central Eritrea. The region has several proven petroleum systems with source rocks, numerous oil gas and condensate shows and discoveries. A number of large leads and prospects have already been mapped and documented.
Eritrea, a stable African nation of 4.5 million citizens off the southern Red Sea, is offering attractive and negotiable licensing terms for the block. TGS has created a data room at its Houston office to display seismic data, well logs and an interpretation report related to the project.
