UK’s independent Tullow Oil agreed with Discover Exploration to farm into three blocks while taking operatorship in the Indian Ocean offshore Comoros.
Tullow takes a 35 per cent stake in Blocks 35, 36 and 37, offshore the Union of the Comoros in the Indian Ocean.
Following the completion of this transaction, which requires government approval, Tullow will operate the three blocks and hold a working interest of 35 per cent.
As part of the transaction, Tullow will partly carry Discover for a 3D seismic survey and the first exploration well, Discover Exploration said in a statement.
Michael Blaha, executive chairman of Discover, said: “We are excited that Tullow joins Discover in this highly prospective license. With its extensive deep water drilling expertise, Tullow is a strong partner for this venture. Together, we look forward to unlocking the significant potential of our Comoros blocks.”
Discover’s other partner in these three blocks was Bahari Resources with a 40 per cent working interest. Discover now signed a binding agreement to acquire the entire issued share capital of Bahari.
Following completion of both transactions, Discover will hold a 65 per cent non-operated working interest in the Comoros production sharing contract, while Tullow will hold the remaining 35 per cent.
According to Discover, the blocks comprise a deep water area of 16,063 sq km with a gross unrisked resource potential of up to 7 billion barrels of oil. A 3D seismic survey is planned for 2019.
The license area is adjacent to the proven and prolific Rovuma gas basin, offshore Mozambique, where the JV partners include Anadarko, CNOOC, Eni, ExxonMobil, Mitsui & Co. and PTTEP. However, despite its close proximity to these world-class discoveries and highly competitive exploration basins, the Comoros are still largely underexplored.
Following ratification of the Comoros PSC in 2014, Discover and Bahari acquired and interpreted around 3,900 km of 2D seismic data, and conducted a range of exploratory studies.