Tullow Gets Two More Cote d'Ivoire Blocks
UK based Tullow Oil has been awarded two extra Cote d’Ivoire exploration blocks, government spokesman Bruno Koné told journalists January 16.
They are the CI-520 onshore block near Abidjan and the CI-524 offshore block, adjacent to the firm’s TEN field located offshore Ghana. Tullow will have a first three-year exploration phase on both blocks. During this period it will have to perform geological and geophysical work for a minimum investment of $5mn.
Three months ago the Ivorian government awarded Tullow Oil 90% of four onshore blocks (CI518, CI519, CI301 and CI302) near Abidjan covering over over 5,035 km2 ; remaining shares in these blocks will be owned by state owned Petroci.
With the addition, Tullow expands its footprint in the Gulf of Guinea, where it operates the significant Jubilee and TEN oil and gas fields offshore Ghana, and has a 21.33% stake in the small Espoir field offshore Cote d’Ivoire operated by Canadian Natural Resources. Further north, Tullow in 2H2017 agreed to farm out 85% of its C-18 block offshore Mauritania to French firm Total, US Kosmos Energy and BP.
The new awards show the Ivorian government’s wish to revive exploration and ensure some of the gas used in the region's power generation continues to be produced there. Last month five new Ivorian blocks (CI-526, CI-602, CI-603, CI-707 and CI-708) were awarded jointly to BP and Kosmos, with Petroci retaining 10%. A few weeks earlier, French firm Bouygues also got two new blocks from the government.
Across the Atlantic, Tullow and its junior partner UK-listed Eco (Atlantic) Oil & Gas have elected to enter phase two of the initial period on their Orinduik exploration block, offshore Guyana in south America, said Eco January 18. It said that Tullow as operator (with 60%) had notified the Guyana Geology and Mines Commission and the natural resources minister of their decision. Eco has a 40% interest in the block. Their work commitment under Phase Two requires at least 1,000 km2 of 3D seismic be acquired on Orinduik, which Eco says was already exceeded during their phase one 2,550 km2 September 2017 survey. That month, Eco agreed to provide Total an option to acquire a 25% interest, which if exercised would leave Eco with 15%.