Occidental Petroleum Corp. signed a preliminary agreement with Abu Dhabi National Oil Co. to appraise and develop the Ramhan oil and gas field offshore the emirate of Abu Dhabi in the United Arab Emirates, as well as the Jarn Yaphour field onshore.
Oxy will operate both fields and hold a 100 percent interest in newly created concessions. The Ramhan discovery, located in very shallow water near the Abu Dhabi refinery, was tested in 1992 and flowed at a combined rate of 1,750 b/d of oil and 14 MMcf/d of gas from one well. Appraisal activities will commence immediately and, if technically and commercially successful, production from the Ramhan initial development is also expected to be in the 10,000 BOE/d range. First production from the field could commence as early as 2011. The Jarn Yaphour field is located onshore near the capital city of Abu Dhabi. Development activities at the field will commence immediately and first production from the field is expected in 2009. Gross production from the initial development is anticipated to be around 10,000 BOE/d. Total capital investment in both development projects is expected to be in the range of US$500 million over the next three to four years. In addition to the initial field developments, this investment will include further field appraisal activities to determine the full upside potential of each area.
Read More
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment