OIL

Kenyan seismic raises hopes of big finds

WOODSIDE and its partners, ASX-listed Global Petroleum and UK-based Dana Petroleum, have completed a 2D seismic survey of offshore Kenya Blocks L-5 and L-7.

Kenyan seismic raises hopes of big finds

The seismic survey vessel Polar Duke began the 3,565km 2D survey on 23 November 2004 and completed it this week.

The partners expect the interpreted results to be available in the second quarter of this year, Global Petroleum has said.

The survey covered nine key leads mapped on the basis of the seismic data recorded in 2003. The joint venture expects drill its first well in the fourth quarter of 2005.

Interests in L5 and L7 are Woodside (operator) 50%, Dana 30% and Global 20%.The costs associated with Global’s 20% holding in L-5 and L-7 are carried for all activities through the drilling and testing of two wells.

Meanwhile, Kenyan newspaper The Standard recently reported that after a two-and-half year seismic data survey over large areas of offshore Kenya, Woodside Energy submitted an optimistic report to Kenya’s Government last month.

“A final report envisaged to pave the way for eventual sinking of oil wells is expected to be handed in mid-next year,” The Standard said. “Even as the Australian experts left the country early this week, they were optimistic of their conclusions.”

Kenya’s Ministry of Energy has been guarded on the explorations, but confirmed reports say Woodside and Dana have targeted high-grade areas include blocks L-5, L-7, L-10 and L-11, which form nearly 20,000 square kilometres of the coastline.

Three other blocks, L-6, L-18 and L-19 are being worked by Pan Continental and Afrex, which are also working in partnership with Woodside.

Woodside is hoping to reproduce its finds in deep waters on the other side of the continent, in Mauritania. The company says this West African country has a similar geology to offshore Kenya, the newspaper reported.

Other multi-national firms known to have shown interest in oil exploration in Kenya Petronas from Malaysia and various China companies, The Standard said.

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