Canadian-based Talisman (NYSE: TLM) has a 25% stake in the project. Anglo-Australian resources company BHP Billiton (NYSE: BHP) is the operator, and owns 45%, while France's Total has 30%.
Although the field is being sized to accommodate 100,000 barrels a day (b/d) production, initial output would likely come in at around 75,000-80,000b/d, Mann said.
"Initially the field's production will be oil and then later on in the field life it will probably switch over to gas production," he said.
Gas production would probably begin in about 4-6 years, and at first the gas would be re-injected. Only after oil production starts declining, probably in 10-15 years, would the project switch to producing gas.
"The turnover process from oil to gas is gradual, because typically you don't co-produce oil and gas from the same well, therefore some wells will be converted over to gas at certain points in time," he added.
Angostura partners are currently in a development drilling process on block 2(c), which includes 15 development wells.
Meanwhile, on block 3(a), which is located immediately east of block 2(c), there have been some oil and gas discoveries but further evaluation is needed before deciding whether the findings can be tied back to the existing 2(c) development project. Block 3(a) is still in the exploration and development stages.
Talisman has a 65% interest in the Eastern onshore block, where it is in the process of finishing a large 3D seismic program and plans to drill the first exploratory well in early 2005.
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