Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

NZOG Says Cosmos Estimate Up by 40%

change text size

New Zealand Oil & Gas announced Monday that the estimate for reserves at its Cosmos development, offshore Tunisia, has been increased by 40 percent.

NZOG said that the operator of the development – Storm Ventures International (SVI) – reported that Canadian reserves estimator, Insite, has assessed the proven and probable (2P) reserves contained within the main Cosmos Block 'A' at 8.8 million barrels of recoverable hydrocarbons. This represents a 40-percent increase over the 6.3 million barrels of potential resources reported by NOXG previously.

An independent assessment undertaken on behalf of NZOG by Netherland Sewell Associates has confirmed SVI's reported 2P reserves amount within a 10 per cent margin. An earlier assessment undertaken for the joint venture by Fekete indicated potential recoverable resources of a similar volume.

A Final Investment Decision (FID) is subject to project economics being determined. It is expected in the first quarter of 2013.

The Cosmos field lies in the Gulf of Gabes off Tunisia. NZOG concluded a farm-in agreement with SVI where NZOG acquired a 40-percent interest in the Cosmos development by funding the first $19 million of SVI's share of development cost post the joint venture making a positive final investment decision.
 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Husky Updates on Field Developments in... (Jul 25)
 -  Exillon Production Slows Further in Ju... (Jul 25)
 -  Reach Energy Plans to Acquire an Upstr... (Jul 25)
 -  Northern Petroleum Awarded Two Permits... (Jul 24)
 -  BW Offshore Takes 100% Ownership of Pe... (Jul 24)
Most Popular Articles
From the Career Center
Jobs that may interest you
Pre Development Reservoir Engineer
Expertise: Reservoir Engineering
Location: Houston, TX
 
Senior Landman/ Land Manager
Expertise: Landman, Petroleum Engineering
Location: Houston, TX
 
E&P Company Seeking Procurement Analyst
Expertise: Petroleum Engineering
Location: Houston, TX
 
search for more jobs