Gulf Oil and Gas accountACCOUNT

Baraka Signs Agreement with Eni and Sonatrach to Farmout Mali Blocks

Source: www.gulfoilandgas.com 11/10/2006, Location: Africa

Baraka Petroleum Limited , through its wholly owned subsidiary, Baraka Mali Operations Limited (BMO), has signed a farm out agreement (FOA) with Eni S.p.A and Sonatrach International Petroleum Exploration & Production BVI (SIPEX) for its five blocks (1,2,3,4 and 9) in Mali, West Africa.

BMO Operated the Mali Production Sharing Agreements (PSA’s) for these blocks with its JV partner, Baraka Mali Ventures Limited (BMVL), which is the private company originally granted the PSA’s by the Malian Government.

Under the terms of this FOA Eni Mali B.V., a fully own subsidiary of Italian oil & gas company Eni, will earn a 50% Participating Interest and assume Operatorship in all 5 blocks.

SIPEX, the international subsidiary of Algerian national oil & gas company Sonatrach, will earn a 25% participating interest in the same five blocks. SIPEX has extensive exploration and production experience in the Algerian Sahara where geological conditions are very similar to that of the Taoudeni Basin in Mali.

BMO will recoup all past costs associated with Year 1 and Year 2 of the exploration program and will be carried for a significant part of Year 3 expenditure program starting on 28th of April 2007 to a total of US$19 million. BMO will retain 18.75% participating interest and BMVL 6.25% in all five PSA’s, totalling approximately 193,200 sq.km.

The FOA is subject to the approval of the Malian Minister of Mines, Energy and Water.

Acquisitions and Divestitures News in Mali >>

United States >>  6/11/2019 - Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced it has reached an agreement for the sale ...
Kazakhstan >>  6/9/2019 - At the 23rd St. Petersburg International Economic Forum, President of LUKOIL Vagit Alekperov and Chairman of the Management Board of KazMunayGaz Alik ...

Russia >>  6/9/2019 - Gazprom and OMV signed at the St. Petersburg International Economic Forum 2019 the Contract on the amendments to the Basic Agreement on Asset Sale. Th...
Norway >>  6/7/2019 - PGNiG Upstream Norway will acquire 22.2 percent of shares in King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of producti...

Russia >>  6/7/2019 - As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK has signed the Share Purchase Agreement (“Agreement”) with CNOOC Ltd. (...
Congo >>  6/6/2019 - New Age (African Global Energy) Limited announces that its subsidiary New Age M12 Holdings Limited has signed a Sale and Purchase Agreement (‘SPA’) wi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mali Oil & Gas 1 >> 

Oil & Gas Projects in Mali >>

More News

Related Links

AO BJ BW CD CG CI CM DJ DZ EG EH ET GA GF GH GM GN GQ GW KE LR LY MA MG ML MR MW 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. - Terms of Service - Privacy Policy.