Eritrea's Ministry of
Energy and Mines has reached an agreement with TGS-NOPEC Geophysical
Company to promote a licensing opportunity in the nation's Zula
block. Zula, measuring 7,000 square kilometers, is located in the
shallow waters (60 meters) of the Red Sea offshore central Eritrea.
The region has several proven petroleum systems with source rocks,
numerous oil gas and condensate shows and discoveries. A number of
large leads and prospects have already been mapped and documented.
Eritrea, a stable African nation of 4.5 million citizens off the
southern Red Sea, is offering attractive and negotiable licensing
terms for the block. TGS has created a data room at its Houston office
to display seismic data, well logs and an interpretation report
related to the project.
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