• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 2 mins End of EV Subsidies?
  • 54 mins Maersk's COO statment.
  • 5 hours Citi cuts Apple's price target
  • 6 hours Asian stocks down
  • 1 hour Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 3 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 hours China Builds LNG Icebreaker
  • 4 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 2 hours Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 11 hours Price Decline in Chinese Solar Panels
  • 12 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 3 hours Regular Gas dropped to $2.21 per gallon today
The Race Is On For Philippines’ First LNG Terminal

The Race Is On For Philippines’ First LNG Terminal

The Philippines has struggled to…

Why Fundamentals In Oil Markets Haven’t Changed

Why Fundamentals In Oil Markets Haven’t Changed

Neither the OPEC meeting not…

African Petroleum Claims Rights Over Senegal Block Bought By Total

Deepwater

Oslo-listed independent oil and gas producer African Petroleum said on Wednesday that it still holds 90 percent in a block offshore Senegal, for which France’s oil major Total SA signed an exploration and production sharing contract the day before.

On Tuesday, Total said that it had signed a deal for the Rufisque Offshore Profond block, in which it will be the operator with a 90 percent interest, with state firm Société Nationale des Pétroles du Sénégal (Petrosen) holding the remaining 10 percent.

Now African Petroleum reiterates its position that it owns 90 percent of the Rufisque Offshore Profond (ROP) production sharing contract, potentially setting the stage to a legal battle.

“Under the terms of the ROP PSC, the block remains active unless and until a termination procedure is enacted by the Republic of Senegal. To date, the Republic of Senegal has not validly enacted such termination procedure, and accordingly the Company reserves its rights under the ROP PSC,” African Petroleum said in its statement.

According to Reuters, Petrosen said on Thursday that the contract with African Petroleum had been canceled in April last year.

“The company was supposed to do work in compliance with its obligations and that was not done so we canceled the contract,” Petrosen Managing Director Mamadou Faye told Reuters.

Related: Oil Prices Crash To Pre-OPEC Deal Levels

The potential dispute over the offshore Senegal resources comes at a time when Australian exploration company FAR said in February that it had discovered more than 1.5 billion barrels of crude off the coast of Senegal, as a result of a 3D seismic study.

Last month, Cairn Energy said that its appraisal and exploration well program offshore Senegal continues, with the latest well drilled confirming the reservoir presence, fluid contacts, and fluid quality in line with the results from the previous wells.

In its Q1 2017 results release earlier this week, BP said that it had started exploration drilling in Senegal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
-->