Petroleum Africa
Find us on: 
Friday, May 30, 2014
Sterling Energy saw the government of Somaliland approve a two-year extension to the current work period for the Odewayne PSC and the dates of each subsequent work period have been adjusted accordingly.
The government decided to establish a trained and equipped Oilfield Protection Unit (OPU) that can provide the level of security required by the in-country operators so that future seismic and drilling operations can be conducted safely. Progress has been made on establishing the OPU, and it is expected to be operational by year end; the amendment to the PSC reflects the delay incurred while the OPU is being established.
The PSC covers block SL6 and part of blocks SL7 and SL10, onshore Somaliland, comprising an area of 22,840 sq km. The PSC is in the third period which will now expire on November 2, 2016 with an outstanding minimum work obligation of acquiring 500 km of 2D seismic. The minimum work obligation during the fourth period of the PSC (now expiring May 2018) is for the acquisition of 1,000 km of 2D seismic and drilling one exploration well.
Sterling holds a 40% interest in the PSC and will be carried by Genel (50% interest and operator) for the costs of all exploration activities during the Third Period and the Fourth Period of the PSC.
Sterling Energy Plc.’s chairman, Alastair Beardsall, said: “We are pleased with the progress in creating the Oilfield Protection Unit and look forward to commencing seismic operations in the Odewayne area as soon as possible. We thank the Government of the Republic of Somaliland for granting the 2 year extension to allow for the necessary preparations to be made for the future conduct of operations in a safe and secure manner.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
