Woodside Petroleum to expand in east Africa
Phil Loader at the East Africa Oil and Gas Conference yesterday. Picture: Colin MurtySource: News Corp Australia
Woodside Petroleum’s head of exploration says the company will look to build its presence in Africa, despite a falling oil price and an early setback to its efforts in Tanzania.
Phil Loader, Woodside’s executive vice-president of global exploration, told the East Africa Oil and Gas Conference in Perth yesterday that the company had a “fervent desire” to expand its presence in Africa and east Africa in particular.
“Both east and west Africa hold significant resource potential and there is an exciting future in east Africa, particularly for those with a commitment to win-win philosophies and the relationships that can ultimately realise that potential,” Mr Loader said.
“I’m excited about the future of this industry in east Africa but even more excited about the role that Woodside might yet play in helping realise this potential.”
Since recruiting Mr Loader in 2012, Woodside has taken exploration positions in eight new countries, including Morocco, **on and Cameroon in west Africa. Woodside is currently participating in the drilling of the Cheetah-1 exploration well off Cameroon with results expected by the end of this month.
The company also entered a joint venture in Tanzania with Adelaide-based Beach Energy, but withdrew from the project this year after carrying out a seismic survey.
Despite having no formal presence in east Africa at present, Woodside continued to see a “wide range of opportunities” in both onshore and offshore oil and gas in the region, Mr Loader said.
“There are some 95 onshore geological rift basins in east Africa,” he said.
“Seven of these have discoveries in excess of half a billion barrels of oil equivalent, but a significant proportion remain either underexplored or totally unexplored.”
Much of east Africa’s offshore oil and gas potential was in water around 3500m deep, he said, and Woodside had experience both exploring for and developing gas resources at such depths.
Mr Loader said some of east Africa’s most prospective countries were planning the release of new exploration acreage, with Woodside well positioned to participate in those opportunities.
“With the regional studies complete and the backdrop of some world-class technological solutions at our disposal, we do not see a lack of opportunity,” he said.
“There will continue to be a diverse range of opportunities to invest in various emerging provinces around the region and in the next few years, with Kenya, Madagascar and Uganda already working towards a new phase of licensing, and Woodside will continue to evaluate these opportunities in line with our global strategy.”
Mr Loader said the halving in oil prices over the past year would inevitably result in oil and gas companies focusing their spending on assets already in production, with appetite for frontier exploration among many companies falling as a result, although Woodside would continue to look for prospects.
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