By Yemie Adeoye

IN an effort to boost its upstream operations Sahara Energy Fields Ltd, a member of the Sahara Group, has announced the signing of a 50/50 joint venture agreement with Azimuth Limited, a private limited company currently registered in Bermuda.
This was disclosed during a media parley with Energy Correspondents in Lagos during the week.

Already, Azimuth has purchased a license to view, under certain terms and conditions, the global multi client data library of Petroleum Geo_Services ASA, PGS, which contains 150,000km2 of 3D seismic data and 21,500km of 2D seismic data across West Africa. Drawing on a pool of 85 technical experts,

Azimuth is well positioned to analyse E&P assets throughout Africa and to develop credible bids for acquiring attractive properties.
The agreement formalises a partnership between the two companies throughout West Africa, from Mauritania in the north to Namibia in the South (the Area of Mutual Interest).

To further leverage on the strengths of both partners, Sahara and Azimuth will pool resources and collaborate openly when identifying and acquiring attractive E&P acreage. Where possible, and as appropriate, the partners will seek to utilise PGS’ proprietary technology such as the industry_leading “GeoStreamer” seismic acquisition system when developing acquired acreage.  In all cases, Sahara will act as Operator on behalf of the partners when such a role is required by the terms of relevant Petroleum Contracts.

Speaking on the development, the Managing Diector, Sahara Energy Fields, Mr. Cees Uijlenhoed, said that “Sahara has highly prospective acreage onshore and offshore Nigeria, where seismic surveys are planned to enhance prospectivity and thereafter, seek improved farm_out terms for drilling. We look forward to working with Azimuth and to leveraging their unique technical strengths when developing our asset portfolio throughout West Africa.”

A representative of Azimuth, Mr. Aaron D’Este, said, “We are delighted to enter into a joint venture agreement with Sahara and we look forward to building a portfolio of highly attractive E&P acreage throughout West Africa. I am confident that Sahara’s assets, local insight, experience and commercial expertise will complement Azimuth’s technical capabilities and prove invaluable to our partnership.”

The Sahara Group is a leading player in the oil, gas and power sector of Nigeria with operations in other parts of West Africa. Sahara Energy Fields represents the E&P sector for the group and has extensive interests in onshore and offshore blocks in Nigeria and Ghana.