Wednesday, 1 August 2012

Nigeria: Masters wins Sierra Leone block

Masters Energy Exploration and Production (E&P) Company, a subsidiary of the Masters Energy Group, has been awarded oil exploration block SL 7C-10, covering an area of 2,015 km2 in Sierra Leone. The award was communicated to the company via an offer letter from the Petroleum Directorate of Sierra Leone.

Block SL-7C-10 is located in water depths of 10–330 m in the south, adjacent to block SL-7B-11, operated by Anadarko Petroleum and in which the deepwater hydrocarbon discovery well Jupiter-1 is located. Two more wells, Venus B-1 and Mercury-1, have also discovered hydrocarbons in the Upper Cretaceous channel in the same block, an indication that the Cretaceous sandstone and carbonate reservoirs sourced from Lower Cretaceous shale will be prospective targets in SL-7C-10.

Announcing the award the president of the Masters Energy Group, Uchechukwu Ogah, described it as a feat that has launched Masters E&P into the limelight as it is milestone in the company's history. The company's E&P group business executive, Casmir Onuoha, said, 'The award is a big boost to the company's entrance into E&P.' He stated that bidding for the block was keenly contested but the company came out tops through its superior presentations. He added that the company is on course to achieve first oil soon.

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

© 2012 Menas Associates

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