Benin discovers new oil field

COTONOU, (PNA/Xinhua) — An estimated 87 million barrels of commercially viable oilfield has been discovered in Benin’s coastal region of Seme-Kpodji, just 20 km southeast of Cotonou, according to the West African country’s Energy, Water and Mining Minister Barthelemy Kassa.

“Some 87 million barrels of oil have been discovered on bloc 1 of Seme-Kpodji oilfield and will be drilled for a period of 14 years, translating to 7,500 barrels per day from the starting date, ” he said Thursday.

The minister said talks are ongoing to finalize the sharing agreement between Benin and South Africa Petroleum Company, the firm that won the tender to explore oil in Benin’s coastal sedimentary basin.

The exploration work which began in December 2008 helped prove the existence of oil in Benin’s waters.