Singapore’s Rex International Holding Reveals Updated Results for Benin Oilfield

Singapore’s Rex International Holding Limited has disclosed the updated results of an independent qualified person’s report (QPR) for its oilfield off the coast of Benin.

According to Rex, the updated QPR for the H6 reservoir in Sèmè field in Block 1, offshore Benin, has been prepared by Exceed Torridon Limited, as part of the company’s obligations to disclose its reserves and resources.

Partners and Block Details

Partners in the production sharing contract for Block 1 are Rex’s affiliate Akrake Petroleum, with a 76% interest, the government of Benin with 15%, and Octogone Trading with 9%. The block covers 551 square kilometers in shallow water ranging from 20 to 30 meters.

The Sèmè field was discovered by Union Oil in 1969 and developed by Saga Petroleum. It produced approximately 22 million barrels of oil (MMbbl) between 1982 and 1998.

Field Resources and Development Plans

The gross field resources remain unchanged – 11.4 million stock tank barrels of oil (MMstb) in low 1P reserves, 10.9 MMstb in base 2P, and 13.6 MMstb in high 3P reserves. However, Rex’s net entitlement volume has decreased due to a change in its shareholding.

The plan is to redevelop the field using a phased approach with horizontal wells and modern technology for water control. Phase 1 in mid-2025 includes drilling exploration and appraisal wells to restart production.

Phase 1 will conclude with the drilling of two horizontal wells in 2026. The production system includes a drilling platform, mobile offshore production unit (MOPU), and floating storage and offtake unit (FSO) for storage.

Future Development Plans

The QPR focuses on Phase 1 development and does not include resource estimates for Phase 2 of the field development plan. Phase 2 is expected to focus on prospects in the deeper H7 and H8 reservoirs with potential oil and gas wells.