FAR has spudded the Bambo-1 exploratory well offshore The Gambia – What’s next?

FAR has successfully spudded the Bambo-1 exploratory well on Block A2 offshore The Gambia. The drilling campaign will take about one month and drill the well to a depth of about 3,400 metres.

Bambo-1 will drill into a series of vertically staked targets with a combined estimated recoverable prospective resource of over 1 billion barrels with chance of geological success ranging from 7% to 36%.

This will be FAR’s second exploratory well on the block after it drilled the Samo-1 well in 2018. Its main targeted horizons had then proved water bearing.

While FAR now targets the Bambo, Soloo and Soloo Deep prospects, the Bambo one is believed to be the most prospective of the three of over 500m barrels of estimated recoverable prospective resource.

Equally important, the well located is just south of Senegal’s Sangomar oil field where Woodside Energy expects to achieve first oil in 2023. FAR was previously part of the Sangomar joint-venture before it had to exit the license last year. The operator is very familiar with the environment offshore Senegal and The Gambia and expects to prove the southern extension of the Sangomar oilfield.

FAR already drilled the Samo-1 well on Block A2 back in 2018 but its main targeted horizons proved water bearing. A new exploration plan was put on the table in 2019 when both blocks benefited from new licenses, still operated by FAR (50%) along with PETRONAS’ subsidiary PC Gambia (50%).

Likely Development Scenario

In case of a discovery, FAR has indicated that 90m barrels would be the set minimum economic field size. Its success case planning actually relies on a development of 150m barrels of oil via a 48,000 barrels of oil per day (bopd) floating, production, storage and offloading (FPSO) vessel. Three wells would then support production, gas and water injection operations.

Map: FAR Ltd

Details on the A2 & A5 Blocks Exploration offshore The Gambia are available in the “Projects” section within your Hawilti+ research terminal.

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Coral-Sul FLNG ready to sail away to Mozambique’s Rovuma basin

Earlier today, Eni held the naming and sail away ceremony of the Coral-Sul floating LNG (FLNG) vessel in South Korea. The event took place at the Samsung Heavy Industries shipyard in Geoje, in the presence of H.E. Filipe Jacinto Nyusi, President of the Republic of Mozambique, and H.E. Moon Jae-in, President of the Republic of Korea. The 3.4 million tonnes per annum (mtpa) FLNG forms part of the Coral South Projec and will be towed and moored at its operating site in the Rovuma basin offshore Mozambique next year. Once the FLNG facility will be in place, the installation campaign will begin, including mooring and hook-up operations at a water-depth of around 2,000 meters by means of 20 mooring lines that totally weight 9,000 tons. Production startup is then expected in the second half of 2022. Coral South Project achieved Final Investment Decision in 2017, only 36 months after the last appraisal well. FLNG fabrication and construction activities started in 2018 and were completed on cost and on time, despite the Covid-19 pandemic. The Coral Sul FLNG is 432 meters long and 66 meters wide, weighs around 220,000 tons and has the capacity to accommodate up to 350 people in its eight-story Living Quarter module. Area 4 is operated by Mozambique Rovuma Venture S.p.A. (MRV), an incorporated joint venture owned by Eni, ExxonMobil and CNPC, which holds a 70% interest in the Area 4 exploration and production concession contract. In addition to MRV, Galp, KOGAS and Empresa Nacional de Hidrocarbonetos E.P. each hold a 10% interest in Area 4. Eni is the offshore Delegated Operator and is leading the construction and operation of the floating liquefied natural gas facility on behalf of MRV.

African Development Bank Group and French Development Agency sign €2 billion co-financing partnership

On the sideline of the Paris Peace Forum this week, the African Development Bank Group (AdFB) and French Development Agency (AFD) have signed a €2 billion co-financing partnership agreement for Africa. The agreement covers the 2021-2026 period and targets €2 billion in the first three years only to complement the current partnership between both institutions. The existing partnership already covers such key sectors as infrastructure, water and sanitation, agriculture, and the private sector. The new agreement supersedes an earlier framework agreement signed in November 2015.