Australia’s Novus Petroleum recently stated that there are probably sufficient hydrocarbons contained in the Tibat-1 gas condensate discovery in Oman to support a commercial development.
“Converting the discovery to a firm development project requires several more steps. For example, we need to create a development plan and then have the Omani Government approve that,” said Novus CEO Bob Williams.
“We need to convert our current Heads of Agreement for gas sales into a final agreement. We need to develop the details of accessing the existing onshore gas plant, which we’ve only discussed in principle. We also need to develop a financing plan with our joint venture partners,” he added.
The first production test on Tibat-1 resulted in gas flow of between 10-12 mmscfd with condensate rates up to 75 barrels per mmscf. According to Williams, the Tibat gas is just as rich as output from the company’s Bukha field.
Novus plans to gather seismic data for its next phase of onshore exploration. The next wells will be in Ras Al-Khaimah and Oman. The company will again be targeting gas condensate discoveries now that the play system is proven at Tibat and West Bukha.
The Tibat-1 is operated by Novus Petroleum, which holds a 40 percent interest in the project. Atlantis Holding Norway holds another 25 percent; Eagle Energy Oman Limited holds a 10 percent stake and LG International Corporation the remaining 25 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
