COPL and Shoreline launch JV
CALGARY , February 27, 2015 – Canadian Overseas Petroleum announced a 50-50 joint venture with Shoreline Energy International on Thursday.
The collaboration, Shoreline CanOverseas Petroleum Development Corporation, will focus on upstream oil and gas exploration, development and producing assets in sub-Saharan Africa. The venture has already acquired assets in both Tanzania and Namibia.
In Tanzania, it plans to purchase a 60-percent interest in two offshore blocks, Latham and Kimbiji. The contract will be finalized following approval from the government of Tanzania. ShoreCan has also secured an 80-percent interest in three blocks in Namibia, on the Walvis ridge near the border with Angola.
In addition to these ventures, ShoreCan is continuing to evaluate the feasibility of projects in Mozambique, Nigeria, and Ghana. One-third of new oil discoveries in the world are in West Africa and Gulf of Guinea regions.