Erin Energy decided not to extend its offshore L-27 and L-28 blocks in Kenya due to the higher costs and risks of the exploration process in the current economic environment, Oil News Kenya reported.
According to Kenya Engineer, Erin Energy stated that their decision is in the company’s long-term best interest.
The company, which is currently in an 18-month extension of the Initial Exploration Period (IEP), had earlier in February said it was running out of time on its quest to find a farm-in partner. Furthermore, the company had warned it was unlikely to meet its requirements unless a farm-in partner came on board.
The Company is evaluating the prospectively of identified leads on its onshore blocks (Blocks L1B and L16) and is currently designing an additional targeted 2-D seismic acquisition on the blocks.
The company said: “Erin Energy has stated that the most prospective of its Kenya assets are its onshore blocks and has focused the majority of its work on these blocks.”