Petsec Energy has acquired a 100% working interest (WI) in the Al Barqa (Block 7) licence and operatorship in the Republic of Yemen.
As part of the acquisition, Petsec Energy purchased 40% WI from Oil Search’s subsidiary Oil Search (ROY).
Block 7 covers an area of 5,000km² and is located around 340km East of Sana’a.
Petsec Energy chairman Terry Fern said: “We are pleased to have secured the acquisition of 100% of both Blocks 7 and S-1 so we can now concentrate on bringing these acquired oil and gas fields into production.
“This oil and gas production is critically important to the local Yemeni people to provide employment and revenues, absent since 2015 because of the country’s political issues.”
In addition to the Al Meashar oil discovery made by Oil Search in 2010, the block contains an inventory of nine prospects and leads defined by 2D and 3D seismic surveys. The target sizes of these prospects range from two million barrels of oil equivalent (Mbbl) to 900MMbbl oil gross.
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By GlobalDataThe Al Meashar Oilfield has a target resource of between 11MMbbl and 50MMbbl.
The acquisition is expected to provide material upside to Petsec’s existing production licence Damis (Block S-1), which holds the developed An Nagyah Oilfield and four undeveloped fields.
The company acquired the Damis licence from Occidental Petroleum in February 2016.
