Ongoing exploration success for OMV in southern Tunisia
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Mon October 4, 2010 5:46 pm

INTERNATIONAL. OMV, the leading energy Group in the European growth belt, again discovered gascondensate at the exploration wells Khouloud-1 and Benefsej-1 within the Nawara Production Concession located in southern Tunisia.

These two additional discoveries are both commercially and strategically important, as they complete the previous success of the OMV drilling campaign with now nine discoveries in a row. The chance of making further commercially viable discoveries in the concession and the surrounding Jenein Sud exploration permit has therefore greatly increased.

OMV and its partner ETAP, the Tunisian national oil company, have recently completed drilling activities at the Khouloud-1 and Benefsej-1 exploration wells in the Nawara Production Concession in southern Tunisia. This marks the successful completion of the 2009-2010 five well drilling campaign which aimed at proving the required resources for the Nawara Development Project.

Khouloud-1 reached a total depth of 4,042 m, and Benefsej-1, the best well to date in the concession, was drilled down to 4,223 m. Both wells have discovered a combined total of over 60 m of net gas-condensate pay in the stacked sandstones of the Acacus and Tannezuft formations. Good quality sandstone reservoirs are now proven across the entire Nawara concession and this is encouraging for undrilled features.

Gascondensate was confirmed by an extensive and successful downhole measurement and sampling program. The wells have been cased and suspended for future testing and
production.

Jaap Huijskes, member of the OMV Executive Board responsible for E&P stated: ”We have completed a very successful exploration drilling campaign with nine discoveries in a row. We are confidently working towards commercial development of these discoveries together with our partner ETAP.”

OMV and the Tunisian national oil company ETAP each hold a 50% interest in the Nawara Production Concession, 700 km south of the Tunisian capital Tunis. Studies are under way with respect to a possible development of the discoveries and the transportation of the gas to the Tunisian market.

Balanced International E&P portfolio
OMV holds a balanced international E&P portfolio in 16 countries structured around six core regions, namely CEE, North Africa, Northwestern Europe, the Middle East,
Australia/New Zealand and the Caspian region. OMV's daily production is approximately 318,000 boe/d and the Company’s proven reserves at the end of 2009 were approximately 1.19 bn boe.

OMV in Tunisia
OMV first became active in Tunisia in the early 1970s. The acquisition of the international E&P activities of Preussag in 2003 gave OMV access to seven producing oil fields in the southeast of the country. The most prolific of these is the Ashtart field.

OMV currently has interests in two exploration and six production licenses in Tunisia. Its production in Tunisia amounted to approximately 7,000 boe/d in 2009. OMV operates the Jenein Sud exploration block which is situated in the Tunisian extension of the Ghadames basin. In April 2008, OMV acquired an 80% operated share in the Sidi Mansour exploration area.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
SAUDI ARABIA. The GCC said in a statement that foreign ministers of the six-member body had met in Riyadh for a comprehensive review of measures used to implement foreign and security policies.
dhgate