CNR pursues more oil offshore Côte d’Ivoire

CNR International says production from the Baobab field offshore Côte d’Ivoire had to be shut down in December following failure of a mooring line on the FPSO.

Mar 7th, 2014

Offshore staff

CALGARY, CanadaCNR International says production from the Baobab field offshore Côte d’Ivoire had to be shut down in December following failure of a mooring line on the FPSO.

Production was restored temporarily in late January. Final repairs are due to get under way this month.

During 4Q 2013, the company contracted a drilling rig for a multiple-well program at Baobab, designed to add 11,000 boe/d of net production. The rig is expected to start the campaign by 1Q 2015.

At theEspoir field, the company is negotiating for another rig to perform an oil infill drilling program targeting light crude, scheduled to start during in the second half of 2014. It hopes to add 5,900 boe/d of net production.

The company also has twodeepwater blocks off Côte d’Ivoire, thought to be prospective for channel/fan structures similar to the Jubilee discovery off Ghana and plays elsewhere offshore Africa.

Block CI-12 is 35 km (21.7 mi) west of Espoir/Baobab that CNR operates with a 60% interest. Data from a 3D seismic program shot late last year is in processing. Exploration drilling could start next year.

Over block CI-514 (CNR 36%), the partners have acquired seismic and contracted a rig due to start operating this month, targeting structures in the lower Cretaceous formations that could hold 800-1,400 MMbbl of oil.

Off South Africa, CNR farmed out 50% of an exploration right to Total for $255 million, including recovery of $14 million of past costs. The partners hope to drill their first well during 3Q 2014.

CNR would net a further $450 million for a commercial crude oil discovery and $120 million for a commercial natural gas discovery.

03/07/2014

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