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).