Petroleum Africa
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Tuesday, February 24, 2015
In its Q4 results Cobalt Petroleum International provided an update on its Cameia project on Angola’s Block 21. According to the company it believes that current market conditions provide an opportunity to review the Cameia’s design concept and projected capital expenditures in order to optimize the cost and scale of the development and production facilities prior to formal sanction. The company said that this reevaluation has already delivered significant cost savings and Cobalt is confident that this effort will greatly improve the already robust economics of the Cameia project.
Cobalt remains committed to progressing the Cameia development and, to that end, following the completion of operations on its Orca #2 appraisal well, development drilling will commence at Cameia. This activity will help minimize any delay in first production. Cobalt expects to achieve formal project sanction of Cameia by year-end 2015, with first production from Cameia likely occurring in 2018.
In addition, the company said given recent positive developments, it is proceeding with the active marketing of a portion of its Angolan portfolio which if successful will provide additional financing capacity for the project. Cobalt, as operator, holds a 40% working interest in Cameia.
Also in Angola, operations continue on the Orca #2 appraisal well in Block 20. This is Cobalt’s first appraisal well drilled on its significant 2014 Orca pre-salt discovery in the Kwanza Basin. Orca is the largest oil discovery found to date in the Kwanza Basin and based on the results of the discovery well, Cobalt estimates a resource range for Orca of between 400 and 700 million barrels of oil. Cobalt, as operator, holds a 40% working interest in Orca.
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