PROJECTS / Obangue and Maghena Oil Fields Due Diligence
Obangue and Maghena Oil Fields Due Diligence
Sub-Saharan AfricaOctober 22, 2020
The Ministry of Petroleum of Gabon engaged Alex Stewart International (ASI) to perform an audit of the Obangue and Tsiengui oil fields, which were being operated by Sinopec-Addax under a production sharing agreement with the Gabon Oil Company (GOC). The purpose of the audit was to establish a baseline of the fields’ assets and production operations for use in determining the allocation of oil produced as either a reimbursement to Addax of field development costs (“cost oil”) or the amount to be shared between the GOC and Addax (“profit oil”). ASI hired K&M to assist with evaluating the production and operations of the fields, as well as to catalogue and value all property, plant equipment, wells, oil stocks, and support infrastructure.