An independent oil resource assessment has identified a potential of 1.5 billion barrels of oil in Elenilto’s offshore Senegal block.
BeicipFranlab produced the independent assessment which examined geology, geophysics, reservoir potential, conceptual development options and cost estimates for the 8,000km area.
According to the research, about half of the resource potential is locked in shallow water salt domes and deeper water shelf edge traps.
Following the confirmation, Elenilto will conduct a 1,400km 3D seismic survey.
This is the latest Senegal find.
The country, which is bordered by the North Atlantic Ocean, has seen an increase in foreign exploration investment in recent years. A consortium of Far, Cairn Energy and ConocoPhillips is currently drilling shelf edge and turbidite slope prospects, whilst Oryx and Svenska are planning to drill a range of shallow-water salt dome prospects.
Elenilto is a global oil, gas and minerals mining company, operating in several countries mainly in West Africa developing large scale projects.