WOODSIDE has finalised an agreement with Noble Energy and Glencore to farm-in to the Tilapia Production Sharing Contract (PSC) off the coast of Cameroon.
Woodside will acquire a 30 per cent non-operating interest, Noble Energy will retain a 46.67% interest and will continue to operate the PSC, while Glencore will hold on to its 23.33% share.
The joint venture plans to drill the Cheetah exploration well in 2015.
The 387,500 hectare block is located within the Douala basin, offshore of southwest Cameroon in water depths ranging from the shoreline to 1,100 metres.
Woodside chief executive Peter Coleman said the Douala basin represented an exciting opportunity with demonstrated oil prospectivity.
“Our entry into the Tilapia PSC gives us exposure to an emerging play in a proven basin with an exciting near-term drilling opportunity,” Mr Coleman said.
The deal follows Woodside’s acquisition since July of new acreage in Gabon, Tanzania and Morocco.
“This farm-in opportunity consolidates our regional position and extends our relationship with Noble as a valued and experienced operator.”