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Petsec Energy buys out Yemen onshore block

Mar 19, 2018
2 min read
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Australia’s Petsec Energy said it agreed to buy the remaining interest and operatorship in Yemen’s onshore Al Barqa Block 7 east of Sana’a by buying out Oil Search Limited’s subsidiary.

The unit, Oil Search, held a 40 per cent interest and operatorship in the onshore block. In 2016, Petsec bought out KUFPEC’s 25 per cent interest in the block as well as the 25 per cent interest from AWE and 10 per cent from Mitsui E&P Middle East B.V. The latest deal raises its interest to 100 per cent.

The ASX-listed company did not reveal the value of the deal.

Block 7 is an onshore exploration permit covering an area of 5,000 square kilometres located approximately 340 kilometres East of Sana’a, 80 kilometres North East of the company’s Damis (Block S-1) production licence, and 14 kilometres East of OMV’s Al Uqlah oilfield.

The block contains the Al Meashar oil discovery made by Oil Search Limited in 2010 as well as an inventory of nine prospects and leads defined by 2D and 3D seismic surveys, with target sizes ranging from 2 to 900 MMbbl oil gross, Petsec said in a statement.

The Al Meashar oilfield, with a target resource of 11 MMbbl to 50 MMbbl, contains two suspended discovery wells that intersected over an 800 metre oil column which in 2010-11 delivered flow rates ranging from 200 to 1,000 bopd in short-term testing of the wells. The oil column extends over the same reservoir sequence as that of the Haban Oilfield in adjacent Al Ulqah (Block S-2).

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