Canada’s Tanganyika Oil Company has signed a Production Sharing Agreement with the Syrian Petroleum Company over the giant Oudeh oil field in northeastern Syria. The Oudeh Block covers 192 square kilometers and is part of a major oil trend extending from the Arabian Gulf, Kuwait, and through Iraq, Iran and into Syria.
The three producing reservoirs of the Oudeh Field are the Shiranish, Butmah and Kurachina. The Shiranish hosts most of the reserves and will be the immediate focus of development. In-house estimates indicate at least 600,000 million barrels oil-in-place for the Shiranish reservoir. Significant reserve potential exists for the Butmah and Kurachina reservoirs as well. A third-party reserves report is currently being completed and is expected to be available by mid-June.
The company will be completing further engineering studies over the next while to finalize best exploitation techniques for this virtually untapped giant field. Development will commence immediately upon ratification of the Production Sharing Agreement by the Syrian Government. First revenue is targeted for early 2004. Generally, the in-house studied development plan calls for multi-lateral horizontal wells with drilling staged over a five to eight year period, thus allowing for efficient utilization of existing and new facilities.
The staged drilling and construction schedule would allow for sustainable production levels of more than 30,000 bpd for several years. Current production levels are on the order of 600 bpd. Pursuant to the Production Sharing Agreement, Tanganyika will share in the increased production achieved.
Tanganyika Oil is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
