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Spanish firm, CEPSA, adds West African plays to its portfolio

10th April 2014

CEPSA (Compañía Española de Petróleos) has bought a 30 per cent stake in an exploration block off the coast of Liberia.

CEPSA has acquired a 30 per cent stake in a hydrocarbon exploration block off the Liberian coast in West Africa. Block LB-10 is operated by Anadarko Liberia Block 10 Company, a wholly-owned subsidiary of Anadarko Petroleum Corporation headquartered in the US .

The Farmout Agreement provides, in part, that CEPSA will participate in the drilling of two exploratory wells before August 2016. The block is in a deepwater area, with depths of approximately between 1,000 and 2,000 meters. Anadarko has extensive experience as an operator in this basin. Other companies with participation in the block are the London based company Liberia Japan Petroleum and Spanish integrated Repsol.

This acquisition has enabled CEPSA to add to its offshore portfolio, which already includes two exploratory blocks in Brazil and one in Suriname and exploration and production blocks in Thailand and Malaysia.

The operation is part of CEPSA's expansion strategy in exploration and production. It will also be an opportunity to increase our technical capacities in the high potential offshore area in West Africa.

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