Octogone holds 9% stake in Benin’s Sèmè oil block
By the AFREEQUE newsroom, based on Matin Libre
Octogone Exploration and Production holds a 9% stake in Block 1, where oil production has resumed off Sèmè, Benin. The field is operated by Akrake Petroleum Benin, which owns 76%, while the Beninese state holds 15%, Matin Libre reports.
Octogone Exploration and Production, a Beninese group led by Razack Saka, holds a 9% stake in Sèmè oil Block 1, according to Matin Libre. The production-sharing contract gives Akrake Petroleum Benin a 76% stake and the Beninese state 15%.
The stake accompanies the resumption of operations at the field, which had been halted since the late 1990s. The tanker Kriti Jade loaded up to 330,000 barrels destined for the Netherlands, in the first export of Beninese crude since production resumed, reported in Benin ships oil to the Netherlands.
The cargo is destined for Shell Trading’s Dutch refineries, Matin Libre says. Octogone was involved in the project during its redeployment and institutional agreement-negotiation phases, the newspaper adds.
The stake follows the loading of crude by the Kriti Jade, reported on 2 November, and the announcement on 30 October that the cargo would be shipped to the Netherlands.
