The JV company’s subsidiary, Akrake Petroleum SA, will initially redevelop the Sèmè Field and apply Rex’s low-cost production system comprising a jack-up Mobile Production Unit (MOPU) and a Floating Storage Unit (FSO), to restart production. Horizontal wells and modern completion technology for water control will also be employed to maximise total oil recovery.
Rex International Holding (SGX:5WH
) has announced that a wholly-owned subsidiary of Porto Novo Resources, Rex's 70%-owned indirect joint venture (JV) company, has signed a production sharing contract for operatorship and a 76% working interest in an offshore block in Benin’s Sèmè Field.
Of the remaining working interest, 15% is held by the government of Benin and 9% by Octogone Trading, an integrated energy and commodities company trading throughout West Africa.
