Total Farms into New Deep Offshore License in Nigeria

Source: www.gulfoilandgas.com 3/12/2008, Location: Africa

Total announced that it has signed an agreement with Nigeria’s Conoil Producing Limited to farm into the deep offshore OPL 257 license with a 40% interest. Conoil remains the operator with a 50% interest, and a local company holds the remaining 10%.

The Nigerian government has approved this transaction. Covering an area of 372 square kilometres, OPL 257 is located some 150 kilometres offshore, in water depths ranging from 1,600 to 1,800 metres. It lies south of OML 130, where the Akpo and Egina fields, operated by Total, are situated, and north of the Joint Development Zone administered by Nigeria and Sao Tome and Principe.

Total will be the technical advisor. Conoil started its activity in 1984 and currently operates six licenses in the Niger Delta. The partners of OPL 257 will jointly conduct further exploration, appraisal and development works of any commercial discovery.

No wells have yet been drilled in the license. The work commitment for the first exploration period, which ends in 2011, comprises the acquisition and processing of 400 square kilometres of 3D seismic and the drilling of two exploration wells. In the second exploration period, which will be for a duration of five years, the work commitments cover the acquisition of a further 100 square kilometres of 3D seismic and the drilling of five exploration and/or appraisal wells.


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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