Akkrake Petroleum Secures Lead in Benin’s Block 1 Oil Field

Joint Venture Targets Revamp of Offshore Block in Benin

by Adenike Adeodun

In a strategic move poised to reshape the offshore oil landscape in Benin, Akkrake Petroleum, a subsidiary of the Rex International-Monarch Marine Holding joint venture, has inked a production sharing contract for a significant 76% operated interest in the Block 1 Sèmè Field.

The company’s blueprint involves a comprehensive revitalization of the 551 km² block, deploying a jack-up mobile production unit and a floating storage unit. This plan is in alignment with Akkrake Petroleum’s commitment to submit a robust field development plan next year, setting in motion a series of exploration and production activities.

According to a report by Energy Capital & Power, Dan Broström, Executive Chairman of Rex International Holding, underlined the strategic significance of this venture. “The acquisition is part of our broader strategy to mitigate geographical concentration risks, amplify our production figures, and replenish reserves in our current assets,” he stated.

The Beninese government will retain a 15% interest in this project, underscoring a collaborative approach. Octogone Trading, a West Africa-focused energy and commodities firm, will hold the remaining 9% stake.

Broström also emphasized the productive dynamics with local partners and authorities. “We have fostered a strong working relationship with the Benin authorities and Octogone Trading. Our joint efforts in the Block 1 partnership are something we look forward to,” he added.

Previous exploratory drills in the Sèmè Field between 2014 and 2015 revealed deeper hydrocarbon deposits. The upcoming appraisal tests, coupled with independent reserve assessments during the initial production drilling phase, hold the promise of uncovering additional valuable resources.

You may also like

white logo new

Energy News Africa Plus is dedicated to illuminating the vast expanses of Africa’s energy industry.

Editors' Picks

Latest Stories

© 2024 Energy News Africa Plus. All Rights Reserved.