Tangiers Petroleum seismic data confirms 750 million barrels of oil in Tarfaya

oil  crawfish headAs part of a farm-out agreement between Tangiers and Galp Energia in December 2012, Tangiers has a 25 per cent interest in Tarfaya. (Image source: crawfish head/Flickr)Following completion of a detailed 3D seismic program, Australian oil and gas company Tangiers Petroleum has confirmed the presence of 750mmbbl recoverable oil in the Tarfaya well offshore Morocco

According to Tangiers, the seismic data has confirmed that the primary Trident prospect and secondary objectives at Assaka and TMA contain best estimate prospective resources of 750mmbbl of oil, with a 23 per cent chance of success.

As part of the farm-out agreement struck between Tangiers and Portuguese oil major Galp Energia in December 2012, Tangiers has a 25 per cent interest in the Tarfaya offshore block.

Subject to approval from the Moroccan government, Galp will spend US$41mn on the project, including a reimbursement of US$7.5mn to Tangiers for costs it has incurred. Galp will also fund an exploration well to target Trident along with Assaka and TMA.

The mean potential reserves for the Trident prospect and geological chance of success will be in line with the estimate provided by Galp in its farm-in press statement in December 2012. 


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