Vanco reports that drilling operations have started on the San Pedro #1 well in the CI-112 exploration permit offshore Cote d'Ivoire. This permit is held under a Production Sharing Contract signed with the Government of Cote d'Ivoire on April 20, 1999. The CI-112 partnership comprises Vanco Cote d'Ivoire Ltd (Operator, 27%); Sinopec Overseas Oil & Gas Ltd (27%); ONGC Videsh Ltd (21.15%); Oil India Ltd (10.35%); and Petroci Holding (14.5%). Vanco is proud to lead the first ever international deepwater joint exploration effort between these leading state-owned oil companies.
The San Pedro #1 exploratory well is located 35 kilometers off the coast of western Cote d'Ivoire in 1,735 meters water depth. The well is being drilled with Transocean's drillship, Deepwater Discovery. The main objective is the Cretaceous Albian sandstone reservoir. The planned total depth is 3,125 meters.
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