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BP to join Serica on Luderitz blocks offshore Namibia

BP PLC will join Serica Energy PLC in exploring License 0047 offshore Namibia, subject to Ministry of Mines & Energy consent.

Meanwhile, Serica let a contract to Polarcus Seismic Ltd. to use the 10-streamer Polarcus Nadia vessel for an extensive 3D seismic survey on License 0047 blocks 2512A, 2513A, 2513B, and part of 2612A.

To start in early April and cover as much as 4,150 sq km, the survey will far exceed Serica’s obligations for seismic acquisition under license terms.

The entire license covers 17,400 sq km in the deepwater central Luderitz basin. Serica has an 85% interest in the blocks and carries the interests of its partners National Petroleum Corp. of Namibia (Pty.) Ltd. 10% and Indigenous Energy (Pty.) Ltd. 5% for prescribed work programs.

BP will pay Serica’s past costs and earn a 30% interest in the license by meeting the full cost of the survey.

Serica has granted an option for BP to increase its interest in the license by meeting the full cost of drilling and testing an exploratory well to the Barremian level before the end of the first 4-year exploration period. In the event that this option is exercised, Serica’s interest will be 17.5% carried through the first well, which will have considerable value if the drilling is successful.

The deepwater basins off Namibia, including Luderitz, are at the early frontier stage of exploration, Serica noted. Seismic shows very large structures, but few wells have been drilled. Serica’s blocks are in 300-3,000 m of water.

Serica will continue to be the operator of the license during the initial seismic period with BP taking over as operator if it exercises its option to drill and test a well.

Objectives of the 3D survey, Serica said, are to delineate one of the three large four-way dip closed structures already identified on the blocks, to identify the potential for stratigraphic pinchout prospects likely to have formed in conjunction with large channel sand features present in the blocks, and to seek to demonstrate the presence of hydrocarbon indicators.


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