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PERTH, Nov 16 AAP - The government of Mauritania has exercised
its right to participate in the Chinguetti oil field development
off its coast, joint venture operator Woodside Petroleum said
today.
The government will take a 12 per cent stake in the exploration
perimeter that was granted in May over an area that includes
Chinguetti.
The terms of the Mauritanian government's participation,
including payment of ongoing costs and the effective date of
participation and reimbursement of past costs, are defined in the
production sharing contract for Area B, which encompasses the
Chinguetti exploration perimeter.
Specific terms of the contract are confidential.
The government's decision to participate in the exploration
perimeter does not extend to the remainder of Area B, but it has a
similar right to participate in each new development in the area.
Woodside and its joint venture partners began their current
drilling program in the West African nation in September, with up
to 21 holes planned that will bring Chinguetti into production, as
well as follow up previous oil and gas intersections and test new
targets.
The partners in the Chinguetti exploration perimeter are now
Woodside, with 47.4 per cent, Hardman Resources Ltd with 19 per
cent, BG group companies with 10.2 per cent, Premier group with 8.1
per cent, Roc Oil Co Ltd with 3.2 per cent, and Groupe Projet
Chinguetti - the Mauritanian government's vehicle - with 12 per
cent.