Petroleum Africa
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Tuesday, February 18, 2014
CNR International (CNRI) is planning a significant investment in its assets in Cote d’Ivoire. The investment will be used in the next phase of development drilling at the Baobab field. The company recently secured a contract with Sedco Forex International, which is part of the Transocean group, for use of the Cajun Express rig Baobab development drilling.
The deep water semi-submersible drilling unit is expected to arrive on location later this year, or during early-2015, and will carry out a minimum six-well program with contractual options available to extend the campaign.
Commenting on the plans, CNRI’s VP, Finance Barry Duncan said “We are investing significantly offshore Côte d’Ivoire in the coming years, so committing to a rig for the next phase of the Baobab development is very exciting. We are also seeing additional investment in our operated Ninian field in the North Sea. As a result of our successful Brownfield Allowance application in 2013, we have two drilling crews working, but returns in the North Sea continue to lag behind those in offshore Africa.
“Canadian Natural is a returns focused company, and we have a diverse portfolio to be able to allocate capital to the projects that generate the highest return on capital. The fact that we manage our African and North Sea properties from Aberdeen, means that we have flexibility and choice and we can allocate capital and resources to these two core areas.”
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