Baraka Signs Agreement with Eni and Sonatrach to Farmout Mali Blocks

Source: www.gulfoilandgas.com 11/10/2006, Location: Africa

Baraka Petroleum Limited , through its wholly owned subsidiary, Baraka Mali Operations Limited (BMO), has signed a farm out agreement (FOA) with Eni S.p.A and Sonatrach International Petroleum Exploration & Production BVI (SIPEX) for its five blocks (1,2,3,4 and 9) in Mali, West Africa.

BMO Operated the Mali Production Sharing Agreements (PSA’s) for these blocks with its JV partner, Baraka Mali Ventures Limited (BMVL), which is the private company originally granted the PSA’s by the Malian Government.

Under the terms of this FOA Eni Mali B.V., a fully own subsidiary of Italian oil & gas company Eni, will earn a 50% Participating Interest and assume Operatorship in all 5 blocks.

SIPEX, the international subsidiary of Algerian national oil & gas company Sonatrach, will earn a 25% participating interest in the same five blocks. SIPEX has extensive exploration and production experience in the Algerian Sahara where geological conditions are very similar to that of the Taoudeni Basin in Mali.

BMO will recoup all past costs associated with Year 1 and Year 2 of the exploration program and will be carried for a significant part of Year 3 expenditure program starting on 28th of April 2007 to a total of US$19 million. BMO will retain 18.75% participating interest and BMVL 6.25% in all five PSA’s, totalling approximately 193,200 sq.km.

The FOA is subject to the approval of the Malian Minister of Mines, Energy and Water.


Japan >>  6/22/2021 - Etrion Corporation, a solar independent power producer, has completed the sale of its interests in the Company’s 13.2 MW Komatsu, 24.7 MW Shizukui...
Malaysia >>  6/21/2021 - PETRA Energy Bhd (“PETRA” or “the Group”) and Uzma Berhad (“UZMA”) announced on 18 June 2021 that PETRA’s wholly owned subsidiary Petra Energy Develop...

Suriname >>  6/19/2021 - A consortium including Qatar Petroleum has been awarded two offshore blocks in Suriname, under Production Sharing Contracts as part of the recent Suri...
Australia >>  6/18/2021 - Baron Oil Plc, the AIM-quoted oil and gas exploration company, is pleased to announce the alignment of interests in relation to the Chuditch PSC, by w...

Canada >>  6/18/2021 - Spruce Ridge Resources Ltd. has an agreement to purchase certain mineral leases with petroleum and natural gas rights, plus oil and gas wells, pipelin...
Romania >>  6/18/2021 - On June 17, 2021 S.N.G.N. Romgaz S.A. and ExxonMobil Exploration and Production Romania Holdings Ltd. signed an Exclusivity Agreement by which the se...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.