Tullow to Acquire 15% Stake in Block 24 Offshore Angola

Angola - Block 24
(Click to Enlarge)
Tullow Oil has concluded a farm-in agreement with Ocean Angola Corporation, a subsidiary of Devon Energy, to assume a 15% interest in Block 24 offshore Angola.

Block 24 is located in the Southern Kwanza Basin and is operated by Devon Energy. The Block is situated immediately to the west of Block 10, where Tullow also has a 15% interest and recently participated in two wells.

Block 24 is situated in water depths of between 750 and 1,600 metres and is covered by good quality 3D seismic. Following on from the recent wells drilled in Block 10, the Kabetula-1 prospect was selected for drilling and was spudded on December 22nd.

The Kabetula-1 prospect, situated close to the northern and eastern boundaries of the block, tested a Lower Miocene objective. The well reached its total depth of 1,818 meters on December 30th but failed to discover hydrocarbons and is consequently being plugged and abandoned.

Commenting today, Aidan Heavey, Chief Executive of Tullow said:

'The recent exploration wells on Blocks 10 and 24 demonstrate the high risk nature of exploration in the Southern Kwanza Basin. However, the entry into these large Blocks, which are likely to yield further high impact prospects, is part of a long term commitment by Tullow to building a business in Angola. Tullow is currently in an active phase of drilling and over the next 12 months will participate in over 20 exploration wells worldwide'.

Tullow's NW Europe interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames/Hewett areas and operates over 60% of its production.

In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes in Morocco, Mauritania, Senegal, Cameroon, Uganda and Angola.

In South Asia, Tullow has production and exploration interests in Pakistan and exploration activities in India and Bangladesh.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours