RAK Petroleum Reports Completion of Four-Year Development Campaign in Côte d'Ivoire
Monday 26 September 2016
RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced today the completion of a four-year, $850 million field development programme by operator Foxtrot International LDC in Block CI-27 offshore Côte d'Ivoire. Two new gas fields, Marlin and Manta, have been brought on stream following the installation of a four-legged, manned platform and related processing and pipeline facilities and the drilling of one exploration and seven production wells.
Gas production from Block CI-27 has climbed to an average of 170 million cubic feet per day in August 2016, constituting more than three-quarters of Côte d'Ivoire's total. Production of oil and condensates from the block averaged 3,000 barrels per day. In 2015, gas production from the block averaged 145 million cubic feet per day, while liquids production averaged 1,140 barrels per day. Gas is sold at a current price of $6 per million btu and liquids are sold at international market prices.
The new platform, installed in 110 meters of water depth, doubles Block CI-27's gas and liquids handling capacity and increases the reliability of gas deliveries to the Ivorian electrical sector. The first platform on the block has been in operation since 1999 and processes gas and liquids from the previously developed Foxtrot and Mahi gas fields. Capital expenditures on Block CI-27 have topped $1 billion since 2010, including drilling of one exploration and two production wells between 2010 and 2012.
Through Mondoil Enterprises, LLC, RAK Petroleum has a one-third ownership of Foxtrot International, which operates Block CI-27 with a 24 percent direct stake. Other partners on the block are the state oil company, PETROCI SA (40 percent), SECI SA (24 percent) and ENERCI SA (12 percent). Foxtrot International also has a 27.27 percent interest in ENERCI, bringing Mondoil Enterprises' overall stake in Block CI-27 to 9.1 percent.
Foxtrot International has identified significant additions to the gas reserves and contingent resources on Block CI-27 across the four producing fields, including in previously untapped lower and upper Turonian compartments in the Marlin field. A reserves certification study by an independent petroleum engineering firm is expected to be completed shortly.