Agip and Anadarko swap shares in Red Sea and Tunisia

Feb 25, 1998 01:00 AM

Jan. 7, 1998 Agip and Anadarko Petroleum of the US have agreed a share swap resulting in Agip gaining access to an oil province off the east coast of Africa and the American operator getting a stake in Tunisia.
The agreement allows for Agip to get a 30 % share in the Zula Block, a 27,400 sq km area located in Eritrean waters of the Red Sea, while Anadarko has acquired 25 % in the North Jenein Block, an exploration area in Tunisia, where Agip is the operator.
Currently, Anadarko is the operator of the Zula Block in Eritrea, holding a 70 % share, while Agip is a partner with its 30 % share. Early last year, Anadarko completed a 4,700 km seismic survey in Eritrean waters off the Red Sea, which increased the prospectivity of the area. Agip says the work identified several targets which will be drilled this year.
The North Jenein Block in Tunisia is operated by Agip, which holds a 25 % share. ETAP, the Tunisian State Oil Board, holds a 50 % stake and Anadarko the rest. The block covers a 1,552 sq km area in south Tunisia and is 15 km southeast of the El Borma field, which was the first oil discovery in Tunisia made by Agip.
Agip recently completed a 2D seismic acquisition programme covering 373 km in the North Jenein Block and is now analysing the data. Several exploration targets have been identified. Exporting any produced oil is made simpler as Agip owns facilities close by.

Source: not available
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