Sterling Energy buys Mauritania stake
UK
LONDON, December 1, 2015 – Sterling Energy bought a 13.5-percent interest in Block C-10 offshore Mauritania. The acquisition follows another 40.5-percent purchase in Block C-3 in the same territory, as the company expands operations in West Africa.
Block C-10 is 76.5 percent owned and operated by independent player Tullow, which plans to drill an exploration well there in 2017. Sterling Energy’s CEO Eskil Jersing said the company was interested in Mauritania, which it considers a new and exciting oil and gas province.
Several companies are finding success in the small West African country. Kosmos Energy from the US announced two major gas discoveries offshore Mauritania in early November, when its exploration rig encountered at least 70 metres of net gas pay.
Sterling Energy seeks to expand operations in Mauritania simultaneously as spending efforts to resolve an ownership dispute about the Ntem block in Cameroon. The company had previously declared force majeure on the block due to territorial disputes between Equatorial Guinea and Cameroon. Cameroon then listed the block up for relicensing.
Read our latest insights on:
More content from UK
Latest news and features
