Anadarko/Agip swap buoys African exploration

Where Anadarko, Agip are Exploring Tunisia, Eritrea [79,712 bytes] Units of Anadarko Petroleum Corp. and Agip SpA have agreed to exchange interests in two northern Africa blocks, propelling exploration in hot plays in Tunisia and Eritrea. Under the accord, Anadarko Eritrea Co. will gain 50% of operator Agip SpA's 380,000-acre Jenein Nord Block in Tunisia and transfer to Agip a 30% interest in its 6.7 million acre Zula block in the Red Sea off Eritrea.

Jan. 26, 1998

2 min read

Where Anadarko, Agip are Exploring Tunisia, Eritrea [79,712 bytes]

Units of Anadarko Petroleum Corp. and Agip SpA have agreed to exchange interests in two northern Africa blocks, propelling exploration in hot plays in Tunisia and Eritrea.

Under the accord, Anadarko Eritrea Co. will gain 50% of operator Agip SpA's 380,000-acre Jenein Nord Block in Tunisia and transfer to Agip a 30% interest in its 6.7 million acre Zula block in the Red Sea off Eritrea.

Off Tunisia, Agip completed a 373-km seismic survey and is reprocessing 600 km of existing data in 1998. Jenein Nord block is 15 km southeast of the 1 billion-bbl El Borma field Agip discovered in 1964.

Operator Agip has not disclosed drilling plans for Jenein Nord.

Eritrean exploration

Anadarko has exploration rights to two blocks-Zula and Edd-in the Red Sea off Eritrea (see map, this page, and OGJ, Oct. 6, 1997, p. 35).

Anadarko completed a 4,700 km seismic survey in the Red Sea, and, together with partner Agip, hired a drilling rig for three exploratory wells, with the first to spud in for mid-1998.

Anadarko plans to spend about $23 million for Edd exploration in the next 51/2 years, in addition to the $28.5 million committed for Zula exploration.