Oranje-Nassau Groupâs subsidiary Oranje-Nassau Energie B.V is looking to farmout part of its 50% interests in the Agali offshore block. The 4,022 sq km block has been under force majeure since 2012 due to a boundary dispute between Gabon and Equatorial Guinea. The permit as defined by the Gabonese authorities overlaps the southern part of Block K (ex Vanco operator) as defined by the authorities of Equatorial Guinea. A first step in the resolution of the issue was done in 2016 when Equatorial Guinea and Gabon agreed to submit their maritime dispute to the International Court of Justice.Â Earlier on 27 February 2006 the two presidents already met in Geneva, Switzerland on under the auspices of the United Nations but apparently without an immediate success.    The interests in the block are currently shared between Occidental Petroleum (ex-Anadarko see below), operator with a 50% interest, and Oranje-Nassau Energie B.V, partner with a 50% interest. In January 2010, the delegations from both countries met again in Geneva to make some progress on this boundary issue.   Background Information  On 8 August 2019 Occidental Petroleum Corp. acquired Anadarko Petroleum Corp. for a value of US$55 billion. Earlier in May 2019 Total had reached a binding agreement with Oxy to acquire Anadarkoâs assets in Africa for a consideration of US$ 8.8 billion in the event of a successful completion of acquisition of Anadarko by Oxy.    Devon Energy Corp. announced on 19 May 2008 it has completed the sale of its assets in Gabon to Oranje-Nassau Groupâs subsidiary Oranje-Nassau Energie B.V. The sale price was USD 205.5 million.   On 12 November 2007, Oranje-Nassau Groep announced that its subsidiary Oranje-Nassau Energie B.V. had reached an agreement with Devon to acquire all of its interests in Gabon.   On 6 July 2004, Omar Bongo Ondimba, the former President of Gabon, and Teodoro Obiang Nguema, the President of Equatorial Guinea, signed a protocol agreement (MoU) aimed at settling a maritime boundary issue regarding the Corisco Bay area through a joint development zone. The agreement was signed in Addis Ababa at the African Union Summit in presence of Secretary General of the United Nations Kofi Annan (see separate article).   Anadarko is seeking partners for Agali. A data room was set up in the second half of February 2003. Devon is divesting all of its intests in West Africa.   In May or June 2003, Anadarko completed detailed prospect evaluation based on the processed 3D seismic data recorded in the exploration permit in June - July 2001. Basin modeling studies and a piston core study were carried out. Multiple prospects were identified on structures, which are said to be similar and on trend with the Ceiba field in Equatorial Guinea. These prospects are located in water depths ranging from 1,500 to 2,000m. Direct hydrocarbon indicators were possibly identified.   The prospects are distributed in four complexes known from North to South as: Essoula complex consisting of Upper Cretaceous fans/channels, Alep complex consisting of Cretaceous mini-basins, Andok Tertiary fan and Doum complex, consisting of Upper Cretaceous fans over anticlines. Mean gross reserve potential for the four complexes is estimated to total 1,500 MMbo.   On 29 August 2000, Oklahoma-based Devon Energy Corp. and Houston-based Santa Fe Snyder Corp. completed their merger. The new company continues to be named Devon Energy Corp., based in Oklahoma. The transaction established a company ranking in the top five of all US-based independent oil and gas producers in terms of market capitalization, proved reserves and annual production.   On 28 September 2000, Devon Energy Corp. announced that its wholly-owned subsidiary Santa Fe Energy Resources of Gabon (Agali) Ltd signed a farm-out agreement with Anadarko Petroleum Corp. for the Agali permit. Anadarko was assigned a 50% interest as the new operator.   Santa Fe Energy was awarded as sole rightholder the 4,448 sq km Agali block on 1 December 1999. It was the first out of 12 ultra-deep water blocks offered as part of the Eighth Licensing Round for which a PSC had been signed. The area lies in water depths ranging from 200 to 2,500m. The initial exploration period of the contract is five years during which the group is committed to acquire 500 sq km of 3D seismic and drill one exploration well. Should the maritime boundary issue between Gabon and Equatorial Guinea remain unresolved by 1 December 2004, the initial period would be extended accordingly. The group may renew the permit for another five-year exploration period. Should hydrocarbons be discovered, the production term is 20 years.
Gabon (Rio Muni B.) Agali op. by OXY (50%), ONH BV (26%), SHV HOLD (25%), Oranje-Nassau Energie B.V is looking to farmout part of its 50% interests in the Agali offshore block.