Afren signs Production Sharing Contracts for two licences in the gas rich Anambra Basin in Nigeria

Source: 3/3/2008, Location: Africa

Afren has signed Production Sharing Contracts (“PSC”) for OPL 917 and OPL 907, within the Anambra basin, onshore Nigeria.

Afren through a Joint Venture (“JV”) with Global Energy Company Limited of Nigeria (“GEC”) a leading Nigerian based international oil and gas company active in oil and gas services across the Gulf of Guinea, has signed PSCs for OPLs 917 and OPL 907 and a signature bonus of US$1.6 million for each licence has been paid by the licence participants.

The licences are located in the Anambra Basin, the second most prospective basin in Nigeria, with estimated remaining gas resources in excess of 5 trillion cubic feet (“Tcf”) of gas, yet the basin remains largely unexplored with only 30 wells drilled to date leading to six discoveries.

The two licences cover an area totalling over 3,500 square kilometres.

Both areas contain existing discoveries that require further appraisal and a number of additional leads and prospects have been identified.

- OPL 907 contains the Akukwa gas and condensate discovery, with estimated in place volumes of up to 400 billion cubic feet (“Bcf”).
- OPL 917 contains the Igbariam gas and oil discovery, with estimated in place gas volumes up to 300 Bcf and oil in place up to 80 mmbbl.

The near term work programme includes additional data gathering and analysis on the existing discoveries. Additional high resolution 2D seismic data will be acquired Over the existing discoveries later in 2008, prior to appraisal drilling in 2009. The seismic will also evaluate the identified exploration leads and prospects.

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Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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