Algeria's Ourhoud Field Achieves Full Production
Earlier this week, the Algerian Minister of Energy & Mines, Dr. Chakib Khelil, presided the inaugural ceremony of the Ourhoud (ORD) field located in the Berkine Basin of the Algerian Sahara (Block 406A). The ceremony was also attended by CEPSA's Chairman & CEO, Mr. Carlos Perez de Bricio.
The ORD field came on stream in December 2002 and has reached an aggregate output level of 20 million barrels to date. The field is currently producing an average of 230,000 BOPD. As a result of placing this second oil field on stream, CEPSA's E&P activities have been given a major boost, enabling the company to improve its business profile with a more equitable balance in earnings contributions from its different business divisions.
The Ourhoud field, one of the world's biggest onshore discoveries made in the 1990's, and Algeria's second largest, contains total recoverable reserves of over 1 billion barrels of high-quality crude oil. It is being developed as a unitized field by a consortium which includes the Algerian national oil company Sonatrach and several US energy companies such as Anadarko, with CEPSA's working interest coming to nearly 40%. The field's development required a total investment of more than 1,700 million dollars, to which CEPSA contributed approximately 700 million dollars.
The project has entailed drilling 50 crude oil producing wells in addition to four gas injection and 35 water injection wells allowing adequate pressure to be sustained. Nearly 5,000 people were involved in bringing the Ourhoud facilities on-stream, and following start-up of production, the workforce now stands at around 400.
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