LONDON– Namibia’s Minister of Mines and Energy has approved BP’s farm-in of 30% to Serica Energy’s offshore Luderitz basin license 0047.
The agreement was first announced in March. BP will cover the entire cost of a 3D seismic survey over an area of up to 4,150 sq km (1,602 sq mi) across the concession.
Participants in the block are now as follows:
|Serica Energy Namibia – operator||55%|
|Exploration (Luderitz Basin) (a wholly owned subsidiary of BP)||30%|
|National Petroleum Corp. of Namibia (NAMCOR)||10%|
|Indigenous Energy Ltd.||5%|
BP will also reimburse Serica a sum covering its past costs, and has an option to acquire a further 37.5% of the license by meeting the full cost of drilling and testing an exploration well to the Barremian level.