Tender Oil & Gas Casamance SARL (TOG), a Tender Group subsidiary, recently signed a production-sharing contract (PSC) with Senegal’s Ministry of Energy and Petrosen, the national oil company of Senegal. The contract gives TOG exclusive rights to explore for hydrocarbons onshore blocks Saloum and Senegal Onshore Sud for the next eight years, according to a news release. The blocks total 28,897 sq km (11,157 sq miles).
TOG holds a 90% working interest in the two areas, with Petrosen holding the remaining 10%.
TOG’s goal is to lead 2-D seismic exploration in the area and reprocess old data to discover new drilling opportunities. When commercial discoveries are made, Tender Oil & Gas will look for exclusive rights to oil and gas production for between another 25 and 35 years, the company said in the release.
As part of the agreement, TOG said it will train industry specialists to ensure high quality work and will support national Senegalese social programs in order to contribute to the prosperity of the region. Part of the obligatory $42 million investment made by TOG will be allocated to these actions.
Initial exploration investment is expected to increase during the development and production phase, resulting in drilling wells for new oil and gas production sites on Senegal soil. If commercial discoveries are made, the Republic of Senegal could benefit in profit share and in various tax revenues, the release said.
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