Petroleum Africa
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Wednesday, February 26, 2014
Pancontinental Oil & Gas NL is trying to initiate a new PSC in Kenya for Block L8. The company has, in recent days, attended meetings with the Kenyan Ministry of Energy and Petroleum to discuss the block’s PSC and its forward exploration program.
Until recently the PSC participants consisted of Apache Corp. as operator
50%, Origin 20%, Pancontinental 15%, and Tullow Oil 15%. Unfortunately, since Apache decided not to carry out further exploration under the PSC or participate in any further discussions, the Ministry considers that the PSC has now expired.
Pancontinental has had initial scoping talks with the Ministry and has requested to
enter into negotiations with the Ministry and a potential co-venturer for the grant of a
new PSC in respect of Block L8. The company says it has the distinction of being the longest-standing explorer and license holder in Kenya and has a lengthy and cordial relationship with the Ministry. In addition, Pancontinental has been part of a consortium that has spent more than $135 million on exploration within Block L8. Considerable exploration data in respect of Block L8 is held by Pancontinental.
While there is no guarantee that a new PSC can be agreed with the Ministry, Pancontinental aims to negotiate and finalize a new PSC that will better reflect matters such as production sharing and a revised forward work program.
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