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.