UK-based Tullow Oil has signed a new production sharing contract (PSC) through arrangements agreed with its joint venture partners and the Government of Mauritania.
The new arrangements have resulted in exploration areas previously known as PSC-Area A and PSC-Area B being merged into a single Exploration PSC, covering 10,725 square km called C-10.
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Tullow said the arrangements will help in progressing the appraisal and development of the existing discoveries and pursue exploration targets.
The exploration programme is expected to drill a minimum of two wells over the next three years.
Tullow as operator of the new PSC area holds a 59.15% stake while Petronas, Kufpec, SMH and Premier hold 13.5%, 11.12, 10% and 6.23% interest respectively.
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