Offshore workers
TORONTO, Canada — Eco (Atlantic) Oil & Gasoline is farming into one exploration block offshore South Africa and exiting one other.
Azinam South Africa, a subsidiary of the corporate, will take a 75% operated curiosity from Tosaco Power of a brand new exploration proper overlaying Block 1 within the Orange Basin, near the offshore median line with Namibia.
Tosaco intends to switch its remaining 25% share to OrangeBasin Oil and Gasoline, a newly shaped South African entity. The phrases stay topic to authorities approvals.
Block 1 covers 19,929 km; its japanese facet is about 174 km offshore whereas its western part extends about 263 km into deep water.
The concession has present 2D and 3D seismic knowledge protection with no additional seismic acquisition or drilling of wells deliberate within the preliminary three-year interval. As a substitute, Eco will undertake interpretation and evaluation for its deliberate work program.
Eco has determined to relinquish its 50% operated stake in offshore Block 2B, the place in 2022 it drilled the Gazania-1 properly offsetting Soekor’s AJ-1 oil discovery.
Eco COO Colin Kinley stated, “Following completion of this farm-in, Eco can have one of many largest blocks in all the Orange Basin. It is a strategic play for Eco that we’ve got labored on over the previous 12 months, specializing in each oil and fuel potential, and the place we imagine there are vital close to shore potential fuel sources. There are inboard fuel discoveries on the block, Kudu to the north, and a number of discoveries within the Ibhubesi Area to the south.
“With the attain of the block some 250 km out into the Atlantic, this places the West finish of the block into extremely potential alternatives for oil being simply south and on development with Shell’s Graff discovery and Galp’s Mopane discoveries, and north of our 3B/4B Block oil targets lately farmed out to TotalEnergies and QatarEnergy.”
06.06.2024
