Offshore staff
VANCOUVER, Canada – Africa Oil Corp. has closed its acquisition of a 50% ownership interest in Petrobras Oil and Gas BV (POGBV) for $519.5 million.
BTG Pactual E&P retains the remaining 50% of the company, which has indirect stakes in two producing deepwater oil mining leases (OML) offshore Nigeria.
OML 127, operated by Chevron, contains the Agbami field. OML 130, operated by Total, contains the Akpo and Egina fields. Egina, which came onstream in late 2018, has since ramped up to a peak of 200,000 b/d.
Average daily entitlement net to AOI’s 50% shareholding in POGBV is currently around 33,630 b/d.
According to Africa Oil, there are further growth opportunities in undeveloped parts of the existing fields; adjacent undeveloped discoveries; and exploration targets on the licenses that are under consideration for drilling and development.
One of the most advanced is the Preowei oil discovery, a planned tieback to the Egina FPSO. The Nigerian government approved the development in 2019.
01/23/2020
