Tanzania Overview
Ophir is the largest net acreage holder offshore Tanzania and holds five blocks. Two operated blocks (an 80% interest in Block 7 and a 70% interest in East Pande) and three non-operated blocks (a 20% interest in the BG-operated Blocks 1, 3 and 4).
Blocks 1, 3 and 4
Blocks 1, 3 and 4 offshore Tanzania are located in the Mafia Deep Basin offshore from the Rovuma and Rufiji Deltas, in water depths ranging from 100 to 3,000 metres. Ophir was awarded a 100% interest in Block 1 in 2005 and a 100% interest in Blocks 3 and 4 in 2006. The company then subsequently farmed down a 60% stake and operatorship in all three blocks to BG Group in May 2010.
Drilling began in late 2010 with the Pweza discovery in Block 4. Since then the JV has drilled sixteen successful exploration and appraisal wells across all three Blocks on a mix of Tertiary and Cretaceous plays. This includes the large Mzia and Jodari discoveries in Block 1. A number of appraisal wells have also been drilled, and flow tests carried out on the Jodari, Mzia and Pweza discoveries. These tests have confirmed excellent reservoir deliverability from both Tertiary and Cretaceous reservoirs.
With the most recent gas discovery on the Kamba-1 well in Block 4, the total discovered gross 2C resource to date is estimated at 17.1TCF across the three blocks, which is enough to underpin a two Train LNG development.
In November 2013, the Company announced it had sold a 20% stake in the Blocks to Pavilion Energy for US$1.288bn with a further US$38mn payable at FID. This transaction completed in March 2014.
Equatorial Guinea overview
Ophir has an 80% interest in offshore Block R which is located in the south-eastern part of the Niger Delta complex close to numerous significant oil and gas discoveries in the Nigerian sector. The Block lies in water depths of 600 to 1,950m.
The company acquired the Block in April 2006 and has a 100% paying interest. Ophir is carrying the state oil company (GEPetrol) through exploration and appraisal for its 20% beneficial interest until the date of a declaration of commerciality.
Ophir has had three drilling campaigns in Block R, consisting of nine wells (five exploration and four appraisal).
The first campaign made two gas discoveries (Lykos and Fortuna). In the 2012 campaign, three successful wells were drilled (Tonel, Fortuna East and Fortuna West). Two wells appraised the Fortuna Complex and made further discoveries in secondary targets.
In 2014 Ophir completed the Tonel North-1 appraisal well in Block R, before the Vantage Titanium Explorer drillship moved to drill the successful Silenus East-1 well and the Fortuna-2 well. The drill stem test of Fortuna-2 achieved a sustained flow rate of 600MMscfd with a drawdown of less than 20 psi at the reservoir, which was surface equipment constrained.
Total gross 2C gas resources discovered currently stand at c.3.4 TCF with up to 7TCF of additional unrisked prospective resource, 2TCF of which are low risk.
These discoveries will provide sufficient resource for a 3 million tonne per annum Floating LNG project which will be developed through a four-phase development. In November 2014 Ophir announced the appointment of Midstream partners for this project and a MoU was signed on 6 November 2014 between the EquatoGuinean Ministry of Mines, Industry and Energy, GEPetrol, Ophir and Excelerate Energy. Gas fiscal terms discussions were also successfully concluded with the Government of Equatorial Guinea.
Gabon overview
Ophir has interests in six blocks offshore in the North Gabon basin, situated to the west and north of the prolific producing Ogooué Delta complex. Ophir’s total acreage in Gabon now totals 15,470 km2. The company has a 50% operated interest in the Mbeli Marin and Ntsina Marin blocks and a 70% interest in the Manga Marin and Gnondo Marin blocks. In October 2014 Ophir added two new blocks and signed Production Sharing Contracts for a 100% participating interest and operatorship on Nkouere and Nkawa blocks.
They are located in water depths ranging from 100 to 2,500m. The licence interests are subject to Government back-in rights of 10% on Gnondo, Ntsina and Mbeli and 15% on Manga, Nkouere and Nkawa.
Ophir was awarded a 100% interest in the initial four blocks in March 2005. It then subsequently farmed down a 50% interest in the Mbeli and Ntsina blocks to Petrobras in June 2011. In December 2013, OMV farmed-in to the four blocks and will take a 10% interest in Mbeli and Ntsina and 30% in Gnondo and Manga (transaction subject to Government approval).
Ophir has defined three main play areas across the four blocks: the Pre-salt, a deepwater extension to the Ogooué Delta play and a deepwater play analogous to the one being explored with success in the conjugate margin of the Sergipe-Alagoas basin offshore Brazil.
A number of 2D and 3D surveys have been acquired across the blocks in recent years and prospects have been identified for drilling in both the Pre-salt and Ogooue Delta plays. The Stenella 3D survey which was shot in 2012 across the Mbeli and Ntsina blocks employed the latest seismic technologies that have been utilised successfully to image the pre-salt discoveries in the Santos Basin offshore Brazil. The results of this survey show a significant improvement in imaging compared to legacy seismic data. More recently acquired an 8,600km2 3D seismic programme across Mbeli, Ntsina, Gnondo and Manga and will be enlarged by 2,300km2 to cover Nkouere and Nkawa blocks.
The company has drilled a number of wells to date in Gabon. The Franke Noir-1 well on the Ntsina block and Ngollon-1 well on the Manga block were drilled in late 2008 on post-salt targets and whilst unsuccessful, they significantly improved the understanding of the petroleum system within the blocks.
In 2014 three wells were drilled including two on the pre-salt play across the Mbeli and Ntsina blocks. The first well, Padouck Deep, was unsuccessful but derisked certain elements of the play while the Okala pre-salt well was also unsuccessful. The results of these wells will be integrated into further analysis of the play to obtain a better understanding of the sub-salt architecture of the basin and in particular source distribution. The Affanga Deep well on the Ogooué Delta play on the Gnondo Block was also unsuccessful.
The Company has acquired the Olumi Rouge survey, an 8,500 km2 3D seismic data programme in the Mbeli, Ntsina, Manga and Gnondo Blocks and a similar survey has also been completed in the Nkouere and Nkawa Blocks.
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