Petroleum Africa
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Monday, July 7, 2014
Woodside is making a return to Africa with the finalization of a farm-in agreement with Chariot Oil & Gas. Woodside is acquiring an initial 25% participating interest in Morocco’s Rabat Deep Offshore Permits I-VI from Chariot.
The agreement includes an option to acquire an additional 25% and operatorship in these permits for a capped well carry obligation. The agreement is also subject to required government approvals. These undrilled permits are 10,782 sq km in area and in water depths ranging from 150 to 3,600 meters.
Woodside CEO Peter Coleman said the farm-in provided an opportunity to secure a large acreage footprint in an emerging petroleum province that is prospective for both oil and gas. “Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterized by materiality and quality,” said Coleman. “This opportunity has been supported by Woodside’s disciplined approach to studying regional petroleum systems, including the Atlantic margins, and is a good fit with our core capabilities in deepwater exploration and production.”
Woodside used to hold acreage in a number of African countries before making an exit several years back including in Mauritania, Libya, and Kenya.
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