Manas Signs Psa For Onshore Fields

摘要

DWM Petroleum, a wholly-owned subsidiary of Swiss-based upstream independent Manas Petroleum, will invest at least €19.5 million ($25 million) over 25 years in oil and gas exploration at two onshore fields in Albania, under a production sharing agreement signed November 7 with Albania's Ministry of Economy, Trade and Energy. Formal ratification of the agreement by Albania's council of ministers is expected in the near future, said Manas Petroleum. The production sharing contract is for blocks 2 and 3 on the northern Adriatic coast, covering an area of approximately 3,400 sq km.rnManas said that blocks 2 and 3 were previously explored by Occidental Petroleum and the Albanian national oil company Albpetrol, which in December 2001 declared an oil discovery at the Shpiragu-1 well (Block 2). "Shpiragu-1 demonstrated the presence of Light 37-40 API gravity oil with 2.3% sulfur at an average rate of 400-1200 b/d oil and associated gas with minor CO2 and H2S with GOR between 2000-5000scf/bbl from the Eocene-Cretaceous carbonate subthrust sheet," it said. "The flow rates were achieved despite severe reservoir damage due to drilling mud invasion into the formation," it said. The Shpiragu closure was initially mapped with anrnareal extent of 31.8 sq km. Offset wells on the producing Cakran Field have penetrated a 600-700m thick reservoir sequence while from the outcrop the thickness of Ionian reservoir sequence can reach up to 2,500-2,800m.