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NIGERIAN CRUDE OIL AND GAS.
Afren signs Production Sharing Contracts for two licenses in the gas
rich Anambra Basin in Nigeria
Afren has signed Production Sharing Contracts (“PSC”) for OPL 917 and OPL
907, within the Anambra basin, onshore Nigeria.
Highlights
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
license has been paid by the license participants.
The licenses 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 licenses cover an area totaling over 3,500 square kilometers.
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 programmed 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.
