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Spectrum : Somalia Announce Dates for First License Round

11/08/2018 | 09:14am EDT

[Attachment] Following further progress on the framework planning and legislation for oil and gas exploration offshore Somalia, His Excellency Abdirashid Mohamed Ahmed, The Minister of Petroleum & Mineral Resources today announced further details for the inaugural offshore hydrocarbon licensing round.

A date of 7 February 2019 has been set for an auspicious launch event in London at Claridges Hotel when the Ministry of Petroleum and Mineral Resources will unveil the final block delineation, expected to consist of up to 50 blocks covering a total area of over 173,000 km2. During this launch they also plan to reveal the legal & regulatory framework, petroleum laws, local capacity, fiscal terms, round timings and other conditions. This event is also expected to include geological presentations gained through insight provided by Spectrum's 2D seismic data across the open blocks. The round is set to close on 11 July 2019.

Subsequent roadshows are currently scheduled for Houston and Dubai with further details to follow. These roadshows will be supported by Spectrum.

In preparation for the offshore licensing round, Spectrum has completed acquisition and processing of 20,185 km of 2D long-offset seismic data, following a co-operation agreement with the Federal Government of Somalia. This program complements 20,500 km of existing seismic data that was acquired in 2014.

The survey design, which covers water depths of 30 m to 4,000 m, has allowed for seismic coverage over the shelf, slope and basin floor with dip, strike and recording time intervals suitable for defining a range of leads and prospects. Streamer lengths of 10,050 m have been used to adequately record information at all offsets, further assisting imaging of the underlying syn-rift geometries. Modern processing algorithms were applied to the raw data to achieve optimal imaging of steeply-dipping extensional and compressional features and illumination of subtle amplitude anomalies.

Final PSDM and PSTM products are available now.

Disclaimer

Spectrum ASA published this content on 08 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 November 2018 14:13:04 UTC


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