PTTEP Oman Company Ltd, a subsidiary of Thailand-based PTT Exploration and Production Public Company Ltd (PTTEP), has announced that it will more than triple oil production in the sultanate's Block 44 to 5,000 barrels per day (bpd) from the current 1,500bpd from October.
Tevin Vongvanich, president and chief executive officer of PTTEP, said in a company statement that PTTEP Oman has successfully completed the drilling of seven development and appraisal wells in the Block 44 project.
He said, PTTEP Oman is ready to add crude oil production which will boost Block 44 project's overall production of crude oil and condensate to 5,000bpd in October 2012. Crude oil production from development wells of approximately 2,500bpd, at the Munhamir field, will start by end-September, and crude oil discovery from the appraisal wells at Shams-E South will bring about a production of 1,000bpd in October.
These two successes will add up the overall production of Oman's Block 44 project from 1,500bpd to 5,000bpd, and also natural gas production to around 50mn standard cubic feet per day [MMSCFD], Vongvanich added.
Vongvanich said that the discovery of more crude oil can be considered a significant value creation from the Block 44 project because it can boost overall production by three times.
Moreover, PTTEP is planning more crude oil exploration in this block, with high potential extended to the western part of Block 44 where PTTEP will conduct a 3D seismic survey accordingly, he added.
Block 44, which covers approximately 1,162sq km, is located about 300km west of Muscat.
PTTEP Oman had signed an agreement with Ministry of Oil and Gas in 2002 to acquire exploration and production rights for Block 44 for 100 per cent interest.
© Muscat Daily 2012
