Discover Exploration farms out Comoros PSC to Tullow Oil
Published by Aimee Knight,
Editorial Assistant
Oilfield Technology,
As part of the transaction, Tullow will become the operator, and will partly carry Discover for a 3D seismic survey and the first exploration well. The transaction is subject to governmental consent.
Simultaneously, Discover has signed a binding agreement to acquire (subject to certain conditions) the entire issued share capital of Bahari Resources Limited (‘Bahari’), its 40% joint venture partner in the Comoros PSC.
Following completion of both transactions, Discover will hold a 65% non-operated working interest in the Comoros PSC (through its wholly-owned subsidiaries Discover Exploration Comoros B.V. and Bahari), while Tullow will hold the remaining 35% and operatorship (through its wholly-owned subsidiary Tullow Comoros Limited).
The Comoros PSC covers a deepwater area of 16 063 km2 (circa 4 million acres) and is outboard of circa 200 trillion cubic feet (“TCF”) of gas in place discovered in Rovuma Areas 1 and 4, offshore Mozambique. The joint venture partners of Rovuma Areas 1 and 4 include Anadarko Petroleum Corp., China National Offshore Oil Corp. (CNOOC), Eni S.p.A., ExxonMobil Corp., Mitsui & Co. and PTT Exploration and Production (PTTEP).
In a Competent Persons Report dated August 2018, ERCE, the UK-based independent energy consulting group, estimates that two partly stacked prospects in Comoros blocks 35, 36 & 37 together contain gross mean unrisked prospective resources of circa 7.1 billion bbls (+1.1 TCF of associated gas) in an oil case or 49 TCF of non-associated gas (+2.3 billion barrels of condensate) in a gas case.
Following ratification of the Comoros PSC in 2014, Discover and Bahari acquired andinterpreted circa 3900 km of 2D seismic data, and conducted a range of exploratory studies. This farm out to Tullow marks the successful completion of the first exploration period. The partnership is now preparing to acquire a 3D seismic survey, the first ever in the Comoros.
Michael Blaha, Executive Chairman of Discover, said: “We are excited that Tullow joins Discover in this highly prospective license. With its extensive deepwater drilling expertise, Tullow is a strong partner for this venture. Together, we look forward to unlocking the significant potential of our Comoros blocks.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/29112018/discover-exploration-farms-out-comoros-psc-to-tullow-oil/
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