African Petroleum, Ophir Energy Sign Côte d’Ivoire Oil Deal

African Petroleum, Ophir Energy Sign Côte d’Ivoire Oil Deal

African Petroleum, an independent oil and gas exploration company operating ten licenses in five countries offshore West Africa, has entered into a new Production Sharing Contract (PSC) with Ophir Energy, a London-based company operating in Africa and Asia, to cover the CI-513 license area in Côte d’Ivoire, Scandoil reported.

In accordance with the PSC terms, Ophir Energy and African Petroleum will each hold a 45% interest and Petroci, the National Oil Company of Côte d’Ivoire will have the remaining 10%.

According to Rigzone, Ophir Energy has pledged to contribute $16.9m towards African Petroleum’s historical investment in 3D seismic and transaction costs, and additional 10% to cover the costs of the drilling of the first exploration well on the block.

Earlier in 2015, African Petroleum had signed a joint bidding agreement with Ophir leading to the PSC, and began working with  the Government of Côte d’Ivoire to revise the terms of the deal, Scandoil previously informed. 

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