Two later wells (B-2 in 1977 and B-3 in 1978) failed to find productive hydrocarbons, however they were all based on low resolution 2D seismic data. More recently a 3D seismic survey has been shot and is currently being processed by Indago. Initial interpretation shows considerable differences between the 2-D and 3-D surveys, which could prove significant. Indago would also expect to take advantage of the advances in drilling and completion techniques available since 1976. Furthermore, at the time of discovery there was no gas processing plant operating in Ras Al Khaimah, or offshore infrastructure at the Saleh field, which now should greatly assist in reducing the threshold for commercial reserves.
The Joint Venture (Indago as operator with 40% and Rakgas with 60%) plans to leverage off Indago's regional oil and gas experience and Rakgas' local infrastructure and gas processing/marketing skills to create an appraisal and development plan for RAK B. Indago's financial commitment associated with these agreements will be to fund our pro rata share of the work program, currently consisting of technical & commercial reviews and inspections.
An existing platform at B-1 will be the subject of an inspection. Over the next 12 to 18 months the Joint Venture will carry out the technical and commercial analysis necessary to determine whether further drilling and/or facilities installation is justified.
Indago expects to update the market on the RAK project during the next 18 months.
Peter Sadler, CEO of Indago Petroleum commented:
We also believe our relationship with Rakgas will continue to be mutually beneficial, with Indago providing the technical E&P skills to the Joint Venture and Rakgas as an invaluable local processing, sales & marketing partner."
Most Popular Articles
From the Career Center
Jobs that may interest you