Ophir narrows offshore exploration focus

Ophir Energy has rationalized its global production portfolio and is now focused on its assets in Thailand, Indonesia, Equatorial Guinea, and Tanzania.

Offshore staff

LONDONOphir Energy has rationalized its global production portfolio and is now focused on its assets in Thailand, Indonesia, Equatorial Guinea, and Tanzania.

For the time being, the company will limit its activities elsewhere to ‘exploration only,’ including Myanmar and Mexico.

Its preferred approach is to amass a balanced portfolio across these countries in deepwater, shallow water, and onshore acreage with suitable returns at sub-$50/bbl oil prices.

Currently Ophir is interpreting 3D seismic data overblock 5 offshore Mexico, awarded in 2016. The location is around 30 km (18.6 mi) north of, and in the same basin as, block 7 that hosts the recent shallow-water Zama oil discovery.

Drilling on block 5 should get under way in 2019.

In West Africa, Ophir expects to shortly sign terms for a license for block EG-24 off Equatorial Guinea.

09/14/2017

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