Offshore staff
SINGAPORE — Akrake Petroleum, a subsidiary of Porto Novo Resources, has signed a production sharing contract (PSC) for Block 1 offshore Benin, which contains the Sèmè oil field, according to a late December 2023 news release.
Union Oil discovered Sèmè in 1969, with Norway’s Saga Petroleum later developing the field, producing about 22 MMbbl between 1982 and 1998. The company then halted production due to tumbling oil prices.
Akrake will operate the PSC with a 76% interest, in partnership with the government of Benin (15%) and Octogone Trading (9%).
Block 1 extends across 551 sq km in water depths of 20-30 m. According to Rex International Holding, the majority owner of Porto Novo, Akrake plans a redevelopment initially involving a low-cost jackup MOPU and an FSO, with horizontal wells and modern completion technology for water control to maximize oil recovery
Drilling did take place under a previous regime during 2014 to 2015, confirming additional deeper hydrocarbon accumulations of oil and gas. The new partners plan further appraisal tests alongside early production drilling.
A consultant will also assess whether some of these resources can be produced through the infrastructure to be installed in one of the reservoirs.
Dan Broström, executive chairman of Rex, said, “We will tap on the geological and geophysical expertise and the deep technical and operational know-how of our teams in Norway and Oman, and establish a professional team locally, to work towards filing a field development plan in 2024 to restart production.”
Ho continued, “We will also evaluate exploration opportunities to unlock unexploited oil and especially gas potential in the field.”
Porto Novo, which Rex owns in partnership with Monarch Marine Holding, is looking for further opportunities to gain majority ownership of offshore oil and gas assets offshore West Africa.
01.07.2024
