Aberdeen-based CNR International has signed a production sharing contract (PSC) for Block CI-12 off Cote d’Ivoire (Ivory Coast), with a 60% working interest.
CI-12 is the second high impact exploration block in Cote d'Ivoire that CNR has secured, which assures the operator’s position as both a major producer and a significant explorer in the country.
CNR International will operate the block, located to the west of the company’s operated Espoir and Baobab fields, in water depths of 250-300m. The block contains two undeveloped discoveries, drilled during the 1980s, and potential Turonian fan channels that were not penetrated by previous wells.
Commenting on the signing, Dave Bell, CNR International’s vice president, exploration said, “Securing CI-12 is part of CNR International’s strategy to build a portfolio of high impact exploration acreage in areas where we understand the geology, can identify opportunities and have local supporting infrastructure. We have lots of work to do, securing the new data and assessing the full potential of the block over the next 2-3 years.”
He added that the company was looking for a combination of exploration play types across a number of basins to balance geological risk, whilst providing the opportunity to add real value to the company through exploration.
“Our people in country have excellent relationships with the authorities, which will enable our operations to proceed in both a safe and efficient manner,” says Bell.
Caption: At Baobab, CNR and partners are entering development phase three with five production wells and one injector; first oil is expected in 2015. Image courtesy of CNR International.
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