Shell Exploration and Production Mauritania B.V. on July 23 signed two production sharing contracts with the government of Mauritania for the exploration and potential future production of hydrocarbons in the offshore blocks C-10 and C-19.
“This move represents Shell’s entry into the West African Atlantic Margin exploration basin, which has significant potential,” said Andy Brown, Shell’s Upstream Director. “We look forward to working with the government and people of Mauritania as we bring our expertise and technical capability to help develop the country’s emerging energy sector.”
“Shell’s new entry in the Mauritania offshore area represents an important added value to the exploration activities and will contribute to maintain the momentum for developing the energy sector in Mauritania.” Said Mauritanian Minister of Oil, Energy and Mining, Mohamed Ould Abdel Vetah.
Following the customary government approvals of the contracts, Shell will set up an office in Nouakchott and begin exploration activities, starting with reprocessing and analysis of existing seismic data and acquisition of new data.
Shell will operate the exploration program with a 90% interest. Société Mauritanienne des Hydrocarbures et de Patrimoine Minier, the national oil company of Mauritania, holds a 10% interest.
Additionally, Shell and the government of Mauritania have agreed in a Memorandum of Understanding to jointly evaluate further offshore exploration opportunities, examine new ways of meeting the country’s domestic energy needs, and build capability in the energy sector.
These 25 offshore key players are increasing production and efficiencies.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
Of the company’s $3 billion of pretax charges for fourth-quarter 2017, more than $1.1 billion was related to WesternGeco seismic restructuring.