The local Daleel Petroleum Company plans to start initial drilling in Block-5 by November. The company - a 50:50 joint venture between the local Petrogas, a subsidiary of MB Petroleum, and China National Petroleum Company (CNPC)- acquired the concession in early July from a Japanese consortium led by Japan Petroleum Exploration Company (Japex - MEED 26:7:02).
Pending the final approval of a tendering plan submitted to the Oil & Gas Ministry on 26 September, the company expects to invite bids for the front-end engineering and design (FEED) work and main project packages early in the fourth quarter.
The project entails drilling up to 80 fresh wells in the concession and implementing an extensive water-injection programme to boost the block's output to a peak of 25,000 barrels a day (b/d) of oil from 5,000 b/d over the next four years. The main package to be tendered will be for the construction of water injection facilities. Total investment costs are $200 million.
MB Petroleum signed a financing agreement on 25 August with Kuwait's International Leasing & Investment Companyand Japan's Itochu Corporation - (see above).
You might also like...
Ajban financial close expected by third quarter
23 April 2024
TotalEnergies awards Marsa LNG contracts
23 April 2024
Neom tenders Oxagon health centre contract
23 April 2024
Neom hydro project moves to prequalification
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
