Petroenergy invests $540 mm more in Africa oil field venture

Jan 13, 2013 12:00 AM

THE consortium that operates an oil field in Africa announced an additional investment of $540 million to expand its production.

PetroEnergy Resources Corp. (PERC) has announced that Etame Marin consortium, where the former holds a 2.52-percent stake, is undergoing expansion.

PERC legal head Arlan Profeta said two platforms will be constructed in the Etame and Southeast Etame/North Tchibala fields. By next year, five to seven wells will be drilled from these platforms.

Also, the Ebouri and Avouma fields are currently being upgraded to accommodate more production wells, the listed company said. “Drilling in these fields will commence January 2013. As of this writing, the jack-up drilling rig Ben Rinnes has already been mobilized to the Avouma platform to drill the first of the three production wells lined up for this year’s drilling.”

The increase in oil field output from the additional wells has prompted the consortium to upgrade the floating production storage and off-loading vessel Petroleo Nautipa, it added.

The group produces an average of 22,000 barrels of oil per day with a target to increase production to over 30,000.

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