Eco Atlantic Oil & Gas Ltd.received approval from the Parliament of the Republic of Ghana to acquire a 50.51% interest in the Cape Three Points West block, located in the Tano Cape Three Points basin, offshore Ghana.
The agreement is for 25 years, subject to the discovery of oil within the first seven years.
The contract area is approximately 944 sq km in water depth between 800m and 2000m and is adjacent to Tullow’s Jubilee oil field, which is producing in excess of 100,000bbl/d.
“The targets of interest on the block are on trend with the over 20 other oil discoveries in the immediate area,” says Colin Kinley, Eco Atlantic chief operating officer. The block is already almost entirely covered with a recent 3D survey and this will allow us to move quickly through the reprocessing and interpretation process and on to drilling.”
Eco Atlantic is the operator and holds a 50.51% interest along with partners A-Z Petroleum Products Ghana Ltd. (32.14%), Ghana National Petroleum Company (13%) GNPC Exploration and Production Company Ltd. (4.35%).
The block shares an eastern boundary with the former OCTPS block, a northern boundary with the Eni Cape Three Points block, and a western boundary with the Hess Deep Water Cape Three Points block.
Tullow’s nearby Jubilee field gross production averaged about 100,000 bopd for 1H 2014. This level is expected to be maintained for the full year.
The Tweneboa, Enyenra and Ntomme (TEN) project, lie in the deepwater Tano block, approximately 60km offshore Ghana.
The TEN Development Plan was approved by the Government of Ghana in May 2013 and requires the drilling and completion of up to 24 development wells. These will be connected through subsea infrastructure to an FPSO vessel currently under construction in Singapore. First oil from the TEN fields is scheduled for mid-2016, and the nominal production capacity of the FPSO is 80,000bo/d.
The reservoirs are spread over 800sq km, and lie in 1000-1800m water depth.
Development of the TEN Project is being led by Tullow Oil, with partners Ghana National Petroleum Corp, Kosmos Energy LLC, Anadarko Petroleum Corp and PetroSA.