Otto Energy To Sell Edirne Gas To Turkey’s AKSA Dogalgaz
Australia’s Otto Energy on 15 December said the Edirne Joint Venture (EJV) had secured a five-year gas sales agreement for all production from Turkey’s Edirne Block in Thrace with Turkish gas distribution firm AKSA Dogalgaz Toptan Satis. Otto said the agreement “provides the EJV with a certain market for both its current gas reserves while also allowing for the monetization of its new gas discoveries on the license area (MEES, 16 June 2008).” The Edirne project has gross 2P reserves and 2C resources of approximately 8.5bn cu ft of gas, according to a statement issued by Otto. Of these, Otto’s share is 3 bcf. As of early 2010, initial production from the block is expected to amount to 10-14mn cfd. The gas will be sold downstream of the gas plant at a 15% discount to the Industrial Interruptible Tariff benchmark set by Turkey’s state-owned pipeline company Botas, Otto said. A drilling program is to begin in 2010 based on existing and new 3D seismic data. Currently 100 sq km of seismic data is being gathered in the western part of the license area. Partners in the EJV include Otto Energy (35%), Petroleum Exploration Mediterranean (55%) and the Turkish company Petraco (10%).
Copyright MEES 2010.
