The Gazelle gas field offshore Cote d'Ivoire has taken a step forward after the country's president signed an Exclusive Exploitation Authorization (EAA).
The field, operated and 86% owned by Vioco, which is a joint 35/65% venture between London-based Azonto Petroleum and trading giant Vitol Azonto, is in Block CI-202, 30km southeast of Abidjan.
Award of the EEA follows approval of the field development plan for Gazelle by PetroCI, the state oil company, announced on 31 October 2014.
Vioco is now working towards project sanction that they anticipate will be taken in 1H 2015 with first gas anticipated some 14 to 16 months thereafter, i.e. in 2H 2016.
The Gazelle area contains contingent resources of 85Bcf and 2MMbbl. Eight wells have been drilled to date, with six testing oil or gas.
Azonto's Managing Director, Rob Shepherd said: "Overall progress on Gazelle has been much slower than originally anticipated but award of the EEA by the president is visible confirmation of continued support for the project from the highest level.
"Whilst the development of Gazelle has faced additional execution challenges primarily due to the need to fully align the upstream and midstream phases, the economics remain fully robust even though the price of oil has fallen significantly in recent months. We look forward therefore to working with Vioco towards project sanction and unlocking full value for shareholders."
Subscribe
