Gulfsands building block of success in the Middle East is a block 26 in Syria, where he is acting on behalf of 50/50 partner Emerald Energy. Its investment here was acquitted in 2007, four years after his debut in a country where Khurbet East oil field was discovered. Fields came onstream in July 2008 with the help of an early production and is currently producing some 11,500 barrels per day from five wells have already delivered more than one million barrels over the past five months. Field efficiency of management ahead of expectations, and reserves the re-evaluation, due at the end of the business district is expected to provide further confirmation of the quality of the reservoir. Development and continue with the company this week to complete the He-7 well-planned water so that encountered good oil shows, and appears to have expanded the northern limit of the area.
In the back of last year’s second discovery was made on 26 blocks Yousefieh-1 well, which is only 3 km away from the Khurbet East early production facility. It also found 63 meters of net oil pay in the target Cretaceous reservoirs and flowed 900 barrels per day of natural flow and 1450 barrels per day by using gas. High-quality reservoir and the proximity to the East Khurbet objects meant Yousefieh is a candidate for a statement on the beginning of the commercial and similar rapid development.
And it may well be more coming to the conclusion that caliber to come. 640 sq km 3D seismic survey is under way over the areas around Khurbet East and Yousefieh discoveries. The data is expected to be ready for analysis in Q3 2009, will identify the leaders have already identified and to provide more detailed information on the new stratigraphic play that has been identified Yousefieh well.
However, Syria has not Gulfsands “only interested in the Middle East. The company has long been opportunities in the eastern neighbor, Iraq, where there are abundant reserves, which will be developed for those players with the contacts, resources and courage to deal with this kind of investment in high-risk (political, rather than geological) investment profile. In the company well in its interims, the pace and content of their talks with the Iraqi Government for the long-discussed Maysan gas project - the company made its debut in Iraq in 2003 after Iraq’s invasion of Kuwait and the signing of a Memorandum of Maysan in 2005 year - to have “substantially increased” due to the currently “cautious optimism”.
December 2008 presentation clear how important the successful conclusion of these negotiations would be for the company’s future growth prospects. Maysan Project, for example, that a seizure of gas erupted in southern Iraq and its use and associated liquids to the local power and fuel needs, a large numbers: in 2005 the company was talking about $ 900 million investment to create 150 million cubic feet per day of gas capacity, 150 MW power plant, a tie with nine stations and a degassing station. And this is just Phase 1 of the four possible phase of the project.
Gulfsands also eying other opportunities in the country, including decisions by the oil-field development projects. There are 73 discovered fields in the country, of which 64 are oil fields. Of these, ten are supergiants (more than five billion barrels), 12 giants (one to five billion barrels) and nine very large fields (from 500 million to one billion barrels). Nevertheless, only 23 of these fields is the production: it means that about two-thirds of the country discovered fields lying dormant, providing a lot of development of investment opportunities to increase production. Gulfsands expects to play a role in the release of these inactive reserves, but, as readers will know, that will depend on political and security situation that still troubled country. Currently, at least, Syria remains the foundation of the company in the Middle East ambitions.
(worldminingexplorationnews.com)
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