CNOOC enters AGC Profond off West Africa

March 29, 2017

Africa-focused Impact Oil and Gas farmed out 65% participating interest in a production sharing contract (PSC) and associated joint operating agreement in the AGC Profond block in the offshore joint development zone between Senegal and Guinea-Bissau to CNOOC UK.

Map from Impact.

The offshore AGC Profond PSC covers about 6700sq km, in water depths ranging from 1400-3700m, and is located west of the Dome Flore and Dome Gea oil accumulations, and to the south of Cairn Energy’s recent Fan-1 and SNE-1 and 2 oil discoveries.
Impact was awarded the license in October 2014, commencing its technical evaluation of the AGC Profond PSC with the purchase of legacy 2D and 3D seismic data in November 2014, comprising of approximately 3990sq km 3D and 4739km of 2D seismic.

Prospectivity has been identified at various stratigraphic levels, from the Cretaceous deep-water clastics in the west of the license, to the Jurassic and Cretaceous platform margin plays in the east, similar to the recent discoveries by Cairn.

The transaction was completed on 23 March 2017. The participating interests in the AGC Profond PSC following completion of the farm-in by CNOOC is as follows: CNOOC UK as operator with 65% stake; Entreprise AGC (an entity owned by Senegal and Guinea-Bissau pursuant to the documents governing the Zone) (15%) and Impact (20%).

“We are very excited about the potential of the block given its location and proximity to a number of recent discoveries by Cairn and Kosmos and are confident that CNOOC Group’s technical and financial strength and the knowledge that it has in the conjugate basins of the Atlantic Margins will bring substantial value to the partnership,” says Mike Doherty, Impact executive chairman.

Impact had previously entered into a farm-out agreement with Woodside Energy (Senegal) covering the AGC Profond license. However, certain conditions precedent to completion had not been satisfied or waived and the agreement was terminated on 9 February 2017.



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