CNR International (CNRI) is preparing to make a significant investment in the next phase of development drilling at its Baobab field, offshore Côte d’Ivoire (Ivory Coast).
The Aberdeen-based operator, which is the international division of Canadian Natural Resources, based in Calgary, Alberta, recently secured a contract with Sedco Forex International, which is part of the Transocean group, for the semisubmersible Cajun Express rig.
The 5th generation deepwater drilling unit is expected to arrive on location later this year, or during early-2015, and will carry out a minimum six-well program at the Baobab field, with contractual options available to extend the campaign.
Image: The Baobab FPSO.
CNRI manages its international core areas, comprising production in the UK sector of the North Sea and exploration and production assets offshore Côte d’Ivoire, Gabon and South Africa, from its headquarters in Aberdeen, where it employs around 400 employees.
CNRI’s Vice President, finance, Barry Duncan, said: “We are investing significantly offshore Côte d’Ivoire in the coming years, so committing to a rig for the next phase of the Baobab development is very exciting.&
“We are also seeing additional investment in our operated Ninian field in the North Sea. As a result of our successful Brownfield Allowance application in 2013, we have 2 drilling crews working, but returns in the North Sea continue to lag behind those in offshore Africa.
“Canadian Natural is a returns focused company, and we have a diverse portfolio to be able to allocate capital to the projects that generate the highest return on capital. The fact that we manage our African and North Sea properties from Aberdeen, means that we have flexibility and choice and we can allocate capital and resources to these two core areas."
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