African Petroleum will relinquish its interests in licenses SL-03-17 and SL-4A-17 offshore Sierra Leone, after deciding against committing to an ultra-deepwater drilling program.
Offshore staff
LONDON – African Petroleum will relinquish its interests in licenses SL-03-17 and SL-4A-17 offshore Sierra Leone, after deciding against committing to an ultra-deepwater drilling program.
The withdrawal follows discussions with the Petroleum Directorate of Sierra Leone, during which the two parties failed to agree on terms for an extension of the licenses.
Jens Pace, CEO of African Petroleum, said the proposed well would have set a new world record water depth. But efforts to bring in partners to share the cost foundered with the industry currently disinclined to risk ultra-deepwater exploration on this part of the African margin.
