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Thursday, May 20, 2010

RAK Petroleum to resume development drilling in offshore the Sultanate of Oman.

Published: May 19, 2010
Offshore staff

RAS AL KHAIMAH, UAE -- RAK Petroleum aims to resume development drilling in block 8, offshore the Sultanate of Oman.

The company holds a 50% operated interest in the block following its acquisition of Heritage Oil’s 10% share early last year. Korea's LG International holds the remaining 50%. Two fields, Bukha and West Bukha, are under development.

Production from the West Bukha started in early February 2009 following commissioning of a newly installed platform, and by year-end was averaging 10,000 b/d of oil and 30 MMcf/d of gas.

"We believe that block 8 has additional untapped potential both in terms of proven reserves and production," said RAK CEO Bijan Mossavar-Rahmani. "After performing extensive reservoir studies and well monitoring during the year, we have applied for government approval to drill in 2010 a third well on the western side of West Bukha and a further well on Bukha."

The company also expects drilling to start shortly in the Hammamet offshore license off Tunisia, where it recently acquired a 30% stake from Canadian operator Storm Ventures International. Australia’s Cooper Energy is the other partner.

The license area, awarded in September 2005, contains two ready to drill prospects, the first of which, Fushia, could be drilled this summer. Fushia comprises four structures separated by semi-parallel faults that have been mapped on 3D seismic. Potentially, the structure could contain hundreds of millions of barrels of in-place oil, says RAK.

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