Azonto seeks to improve economics of gas plan offshore Côte d’Ivoire

Offshore staff

LONDON – Azonto Petroleum has issued a progress report on its shallow-water Gazelle gas field development in block CI-202 offshore Côte d’Ivoire.

The company is a 35% shareholder in Vioco Petroleum which has an 87% operated interest in the block.

CI-Energies, the Ivorian state-owned utility, recently signed a non-binding memorandum of understanding with an international company. The latter may finance, develop, and operate a planned power project at Grand Bassam and upgrade the power line infrastructure for the proposed Vioco integrated gas-to-power scheme (with gas potentially supplied from CI-202).

An environmental impact assessment report on the Grand Bassam project site has been submitted to the Côte d’Ivoire Environmental Agency (ANDE) with a view to obtain government approval by mid-May 2015.

As for the offshore and onshore project elements of Gazelle, Italian fabricator Rosetti Marino’s lump-sum price was higher than Azonto expected. The company has therefore decided to re-tender the construction package, aiming to capitalize on current downward pressure on drilling and other construction costs.

This will delay sanctioning of the Gazelle project.

Vioco’s board has identified Hippo North as a potential target for a shallow-water exploration well, and is conducting further subsurface ahead of a decision on drilling later this year.

03/31/2015

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