Akkrake Petroleum, a subsidiary of the Rex International-Monarch Marine Holding joint venture, has secured a 76% operating interest in the Block 1 Sèmè Field through a production sharing contract off the coast of Benin.
The company plans to revitalise the 551 km2 block through a production system featuring a jack-up mobile production unit and a floating storage unit. Accordingly, Akkrake Petroleum will submit a field development plan next year to kickstart exploration and production activities.
“The Rex Group has been on the lookout for new assets in different regions to mitigate geographical concentration risks, increase group production numbers, and replenish reserves and resources in our current producing assets,” commented Dan Broström, Executive Chairman of Rex International Holding.
The government of Benin will hold a 15% interest in the Block 1 Sèmè Field, while Octogone Trading, a West Africa-focused integrated energy and commodities company, will hold the remaining nine percent.
“We have established a good working relationship with the Benin authorities and our local partner, Octogone Trading, and look forward to cooperating with them in the Block 1 partnership,” added Broström.
Drilling conducted in the Sèmè Field in 2014–2015 substantiated the presence of deeper hydrocarbon accumulations. Ongoing appraisal tests, coupled with independent reserve assessments during initial production drilling, could unveil further resources.
