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October 14, 2014

Woodside farms into Tilapia production sharing contract, offshore Cameroon

Australian energy firm Woodside Petroleum has agreed to acquire a 30% non-operating interest in the 3,875km² block, located within the Douala Basin, offshore south-west Cameroon.

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Australian energy firm Woodside Petroleum has agreed to acquire a 30% non-operating interest in the 3,875km² block, located within the Douala Basin, offshore south-west Cameroon.

The agreement with Noble Energy and Glencore will allow Woodside to farm in to the Tilapia production sharing contract (PSC), off the coast of Cameroon.

Noble Energy will retain a 46.67% stake in the PSC and will continue to act as operator, while Glencore will hold the remaining interest.

An exploration well, dubbed Cheetah, will be drilled in 2015 as part of the plans.

Woodside CEO Peter Coleman said the Douala Basin represented an exciting opportunity with demonstrated oil prospectivity.

Mr Coleman said: "Following our recent announcement on Gabon, this farm-in opportunity consolidates our regional position and extends our relationship with Noble as a valued and experienced operator.

"Our entry into the Tilapia PSC gives us exposure to an emerging play in a proven basin with an exciting near-term drilling opportunity."

"As part of our global exploration portfolio build, our entry into the Tilapia PSC gives us exposure to an emerging play in a proven basin with an exciting near-term drilling opportunity."

The farm-in agreement, which is subject to regulatory and government approvals, follows Woodside’s acquisitions since July of new acreage in Gabon, Tanzania and Morocco.

In August, Woodside acquired a 40% participating interest in an exploration, exploitation and production sharing contract (EEPSC) for Block F15 in the Gabon Coastal Basin.

Woodside has a portfolio of facilities that it operates on behalf of some of the global oil and gas firms.

The company also operates four oil floating production storage and offloading vessels in the Carnarvon Basin, North West Shelf and Timor Sea.


Image: The agreement with Noble Energy and Glencore will allow Woodside to farm in to the Tilapia PSC, offshore Cameroon. Photo: courtesy of Woodside.

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