Offshore explorer Tangiers Petroleum is gearing up to spud a new Atlantic Margin exploration well in partnership with Galp Energia. A site survey has already been completed in preparation for drilling the TAO 1 well in the Tarfaya block offshore Morocco.
Galp Energia has been screening the market to identify suitable rig-sharing or sub-let options for the drilling program, and tender documents for a drilling rig are being prepared, Tangiers disclosed in a quarterly report for the three months ending December.
A Moroccan joint ministerial order has been received approving the assignment of 50% equity and transfer of operatorship of the Tarfaya offshore block to Galp Energia. Tangiers retains a 25% interest, and Morocco’s state entity ONHYM holds the remaining 25%.
Tarfaya comprises eight contiguous permits encompassing 11,281 sq km (4,356 sq miles), in an area 600 km (375 miles) southwest of the Moroccan capital, Rabat, near the Canary Islands, with water depths up to 200 m (656 ft). Multiple prospects have been identified within the area with Jurassic sedimentary leads, and further hydrocarbon potential has been identified in Tertiary, Cretaceous, and Triassic formations. Four prospects within Tarfaya, Trident, TMA, Assaka, and La Dam have been assigned an in-place oil estimate of 4,335 Bbbl and P50 prospective resources of 867 MMbbl.
Recommended Reading
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Q&A: Petrie Partners Co-Founder Offers the Private Equity Perspective
2025-02-19 - Applying veteran wisdom to the oil and gas finance landscape, trends for 2025 begin to emerge.
Chevron Makes Leadership, Organizational Changes in Bid to Simplify
2025-02-24 - Chevron Corp. is consolidating its oil, products and gas organization into two segments: upstream and downstream, midstream and chemicals.