Lukoil Spuds Offshore Sierra Leone

September 16, 2013

A new well has been spud off the coast of Sierra Leone by Lukoil Overseas and its partners Oranto and PanAtlantic. The well was spud on Block SL-5-11 using the Eirik Raude drilling rig in more than 2,000 meters of water. The partners are drilling on the block’s Savannah Prospect, which has a target depth of 4,700 meters.

Block SL-5-11 covers an area of 4,022 sq km on the shelf and continental slope of the Atlantic Ocean in water depths ranging from 100 to 3,300 meters. 2D and 3D seismic data was acquired on 1,500 sq km leading to the identification of several prospects. From the geological point of view, the block belongs to the Sierra Leone-Liberia basin where a number of sizable oil discoveries have recently been made.

A standard contract for exploration and development of the block was concluded for the term of 30 years. The exploration program for the block includes re-interpretation of historical seismic data, an electric exploration survey, and drilling of one exploration well. The current exploration period expires on December 31. Obligations of the next exploration period will depend on the drilling results.

Lukoil Overseas entered into the PSA for exploration and development of block SL-5-11 in June 2011 as the operator with a 49% share. Oranto and PanAtlantic hold 20% and 21% stakes respectively.

Copyright, Petroleum Africa, 2013.