Qatar Petroleum Development to manage Al-Karkara oil field
Qatar Petroleum (QP) and Qatar Petroleum Development (QPD) signed an agreement for the full field development of Al-Karkara and A-North structure oil field. The total development cost for the project is expected to be around $126.5 million.
The original Development and Production Sharing Agreement (DPSA) was signed between QP and QPD in July 1997. QPD is the operator of the consortium representing the contractor group according to the DPSA comprising Cosmo Oil Company, Nissho Iwai Corporation and the United Petroleum Development Company Japan.
“This full development agreement is part of the strategic plan of Qatar Petroleum to continue the development and utilization of Qatar’s existing oil industry along with the ongoing development of the gas industry,” said Second Deputy Premier, Abdullah Bin Hamad Al-Attiyah.
The initial development phase proved commercial viability of the project and resulted in preparation and approval of the full field development after extensive technical interaction with QP.
The development consists of three stages. There will be a total of seven wells, four in Al-Karkara and three in A-North. Four new wells will be drilled, two existing wells will be worked over and one existing well will be sidetracked.
Production is expected to commence in January 2005 targeting peak production rate of around 10,000 barrels per day (bpd) around the first quarter of 2006. The produced fluids will be processed in the field’s facilities and the oil will be transported to Halul Island via Production Station-3 Main Oil Line. — (menareport.com)
© 2003 Mena Report (www.menareport.com)