Akrake Advances Sèmè Field Development with New Offshore Production Vessels

Rex International Holding’s indirect subsidiary, Akrake Petroleum Benin S.A. (Akrake), is making progress in the redevelopment of the Sèmè offshore oil field in Benin.

On 25 April 2025, Akrake signed key contracts for two offshore assets: a Mobile Offshore Production Unit (MOPU) and an Aframax tanker, which will serve as a Floating Storage and Offloading (FSO) unit.

The MOPU, which will be converted from a medium-sized drilling rig, is set to be fitted with a purpose-built processing system tailored to the specific needs of the Sèmè field. Both the MOPU and the FSO are expected to arrive in Benin during the fourth quarter of 2025.

Akrake is a wholly-owned subsidiary of Lime Petroleum Holding AS, which holds an approximate 76% working interest* in the Sèmè Field, and is also the operator of the Sèmè Field in Benin. LPH is a subsidiary of Rex International Holding.

Akrake has been actively preparing for a renewed phase of operations. Earlier this year, on 4 April, Lime Petroleum Holding AS secured a contract for a modern jack-up rig by Borr Gerd Limited, to be used in a 120-day drilling campaign – an essential step toward boosting production capacity and unlocking the field’s full potential.

Akrake plans to submit a field development plan to the Ministry of Energy, Water and Mines and is targeting a restart of oil production in the second half of 2025.

*Subject to the Benin government’s entitlements under the Production Sharing Contract