OVL in E&P pact with Libya’s NOC
By TNN |
Highlights
NEW DELHI: ONGC Videsh (OVL) has
signed an exploration & production (E&P) sharing agreement with National
Oil Corporation of Libya for four hydrocarbon blocks. Blocks are located at
Cyrenaica offshore area in the Mediterranean Sea. “OVL has signed the
agreement with National Oil Corporation of Libya for contract area 43, which was
awarded to OVL recently.
The area consists of four blocks measuring 7,449 sq km. The block boundaries extend from the coastline to the water depth of about 2,200 meter,” an ONGC executive said.For the contract area 43, OVL is required to acquire new seismic data; 1000 km of 2D and 4000 sq km of 3D and drilling of one exploratory well during the exploration phase of five years, he said.
Presently, about two-third of the contract area has sparse coverage of 2D seismic data which was acquired earlier. “There is also an exploration well drilled at the south west boundary in shallow water which had established presence of hydrocarbon,” he added. In June 2003, ONGC Videsh made its first entry in Libya by acquiring 49% participating interest in block NC-188 (located in Ghadames basin) and NC-189 (Sirte basin) from Turkish Petroleum Overseas Company. Later, it won block 81-1 (located in Ghadames Basin) with sole rights and operatorship in 2005. The company opened a branch office in Tripoli last year.
The area consists of four blocks measuring 7,449 sq km. The block boundaries extend from the coastline to the water depth of about 2,200 meter,” an ONGC executive said.For the contract area 43, OVL is required to acquire new seismic data; 1000 km of 2D and 4000 sq km of 3D and drilling of one exploratory well during the exploration phase of five years, he said.
Presently, about two-third of the contract area has sparse coverage of 2D seismic data which was acquired earlier. “There is also an exploration well drilled at the south west boundary in shallow water which had established presence of hydrocarbon,” he added. In June 2003, ONGC Videsh made its first entry in Libya by acquiring 49% participating interest in block NC-188 (located in Ghadames basin) and NC-189 (Sirte basin) from Turkish Petroleum Overseas Company. Later, it won block 81-1 (located in Ghadames Basin) with sole rights and operatorship in 2005. The company opened a branch office in Tripoli last year.
NEW DELHI: ONGC Videsh (OVL) has signed an exploration & production (E&P) sharing agreement with National Oil Corporation of Libya for four hydrocarbon blocks. Blocks are located at Cyrenaica offshore area in the Mediterranean Sea. “OVL has signed the agreement with National Oil Corporation of Libya for contract area 43, which was awarded to OVL recently.
The area consists of four blocks measuring 7,449 sq km. The block boundaries extend from the coastline to the water depth of about 2,200 meter,” an ONGC executive said.For the contract area 43, OVL is required to acquire new seismic data; 1000 km of 2D and 4000 sq km of 3D and drilling of one exploratory well during the exploration phase of five years, he said.
Presently, about two-third of the contract area has sparse coverage of 2D seismic data which was acquired earlier. “There is also an exploration well drilled at the south west boundary in shallow water which had established presence of hydrocarbon,” he added. In June 2003, ONGC Videsh made its first entry in Libya by acquiring 49% participating interest in block NC-188 (located in Ghadames basin) and NC-189 (Sirte basin) from Turkish Petroleum Overseas Company. Later, it won block 81-1 (located in Ghadames Basin) with sole rights and operatorship in 2005. The company opened a branch office in Tripoli last year.
The area consists of four blocks measuring 7,449 sq km. The block boundaries extend from the coastline to the water depth of about 2,200 meter,” an ONGC executive said.For the contract area 43, OVL is required to acquire new seismic data; 1000 km of 2D and 4000 sq km of 3D and drilling of one exploratory well during the exploration phase of five years, he said.
Presently, about two-third of the contract area has sparse coverage of 2D seismic data which was acquired earlier. “There is also an exploration well drilled at the south west boundary in shallow water which had established presence of hydrocarbon,” he added. In June 2003, ONGC Videsh made its first entry in Libya by acquiring 49% participating interest in block NC-188 (located in Ghadames basin) and NC-189 (Sirte basin) from Turkish Petroleum Overseas Company. Later, it won block 81-1 (located in Ghadames Basin) with sole rights and operatorship in 2005. The company opened a branch office in Tripoli last year.
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