Woodside signs Tilapia production contract with Glencore and co

An Australian exploration and production company, Woodside Petroleum Limited has finalized an agreement with Noble Energy and Glencore farm on October 14 to be part of the Tilapia (PSC) production sharing contract.

The Australian company will from now on take a non-operator’s interest in 30% of the entire deal according the contract.

The Texas Exploration Company and Noble production will however continue to operate with 46.67% of interest, as compared to 23.33% for the Swiss mining and trading company Glencore.

"This farm consolidates our position in the region and expands our relationships with Noble, an experienced operator", said Peter Coleman, CEO of Woodside, Australian major petro-gas already present in Gabon, Tanzania and the Morocco.

According to Coleman, “The Doula basin represents an exciting opportunity with proven oil exploration potential”.

The joint venture aims to drill the exploration of Cheetah on the block Tilapia covering 3875 km² in the Douala basin located in a water depth of up to 1100 m, in the southwest of Cameroon in 2015.