Australia-based Woodside finalized its agreement with Houston-based Noble Energy and Switzerland-based Glencore to farm in to the Tilapia production sharing contract (PSC) off the coast of Cameroon.
The 1,496 square mile block is located in the Douala Basin, offshore southwest Cameroon in water depths ranging from the shoreline to 3,608 feet.
Woodside will acquire a 30 percent non-operating interest.
Noble Energy will retain a 46.67 percent interest and will continue to operate the PSC. Glencore will retain a 23.33 percent interest.
The joint venture plans to drill the Cheetah exploration well in 2015.
“Following our recent announcement on Gabon, this farm-in opportunity consolidates our regional position and extends our relationship with Noble as a valued and experienced operator,” Woodside CEO Peter Coleman said.
The farm-in agreement follows Woodside’s acquisition of new acreage in Gabon, Tanzania and Morocco since July.
The agreement is subject to required government and regulatory approvals.