Offshore Benin, Akkrake Petroleum – a subsidiary of the Rex International-Monarch Marine Holding joint venture – has signed a production sharing contract for a 76% operated interest in the Block 1 Sèmè Field.
The company plans to revitalize the 551 km2 block through a production system featuring a jack-up mobile production unit and a floating storage unit. Accordingly, Akkrake Petroleum will submit a field development plan next year to kickstart exploration and production activities.
“The Rex Group has been on the lookout for new assets in different regions to mitigate geographical concentration risks, increase group production numbers, and replenish reserves and resources in our current producing assets,” commented Dan Broström, Executive Chairman of Rex International Holding.
The government of Benin will hold a 15% interest in the Block 1 Sèmè Field, while Octogone Trading, a West Africa-focused integrated energy and commodities company, will hold the remaining nine percent.
“We have established a good working relationship with the Benin authorities and our local partner, Octogone Trading, and look forward to cooperating with them in the Block 1 partnership,” added Broström.
Prior drilling in the Sèmè Field in 2014–2015 confirmed deeper hydrocarbon accumulations. Upcoming appraisal tests, along with independent reserve assessments during early production drilling, may reveal additional resources.