Anadarko and Partners Makes Oil Discovery in Algeria
The exploration well HBNE-1 was drilled to a total depth of 3,300 metres at a location five kilometres east of the Hassi Berkine field. The well encountered 16 metres of net oil pay in the TAGI reservoir, and has tested at a rate of 4,092 barrels of oil per day and 6.7 million cubic feet per day of gas through a 36/64 inch choke at a flowing tubing pressure of 2201 psi.
Rex Alman, managing director, Anadarko Algeria Company, said: "We are delighted to begin the year with the news of this discovery, located close to our existing infrastructure in Anadarko's core Hassi Berkine area. We are considering a number of development options for placing this discovery on production quickly and cost-effectively.
"HBNE is our first successful well since resuming our exploration drilling program in Algeria in October 2002, and we hope to continue this success into 2003, when a number of exploration wells are planned. Our latest exploration well, SFSW, spudded in mid-January. We have also acquired 1,031 kilometres of 2D seismic data, which is being evaluated, and we continue to build up our prospect inventory."
The Sonatrach/Anadarko Association has discovered over 2 billion barrels of oil since the Production Sharing Agreement was signed in 1989. Under terms of the agreement, Anadarko and its partners fund Sonatrach's 51% share of exploration costs and are entitled to recover these costs out of production in the exploitation phase.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally