Posted on :Thursday , 15th July 2021
ARA Petroleum Tanzania Limited (APT), which has assumed operatorship of the Ruvuma PSA, has finalised the farm-out deal with Aminex.
Aminex is carried for its portion of associated field development expenditures up to US$35 million, equating to a gross development expenditure of US$140 million, under the farm-out agreement.
The joint venture partners believe that obtaining a high-resolution 3D seismic survey is critical to the creation of the field development plan. The additional seismic data will also aid in the final planning of the Chikumbi-1 well, as well as the site of any subsequent development wells.
APT has provided a revised timeline to the joint venture partners and the Tanzania Petroleum Development Corporation, indicating that seismic acquisition will take place over 480 sq km in the second and third quarters of 2021, with processing to follow.
The Chikumbi-1 well was designed to drill to a total depth of 3,485 metres, aiming for a confirmed Cretaceous gas resource as well as a deeper Jurassic exploratory potential. First gas from the project is expected in September 2024, assuming a favourable outcome with the next Chikumbi-1 well.Charles Santos, executive chairman of Aminex, commented, â€œThe Aminex Board is delighted that activity on the ground in Tanzania is finally taking concrete form and moving us closer to establishing the Field Development Plan whilst enabling the final planning of the Chikumbi-1 well and assist with the location of subsequent wells.â€