OSH 1.24% $7.14 oil search limited

OSH In Yemen

  1. 99 Posts.
    Who ever said that Oil Search is down and out are very wrong, Oil Search is not only involved with the Pipeline project, and the projects in PNG but there is also Yemen, so have a read.

    Oil Search strikes deal with Yemen ministry

    LEADING petroleum explorer Oil Search Limited has finalised negotiations with the Yemen oil ministry for a new production-sharing agreement over the prospective Block 35 in the Masilah basin.
    Block 35 is immediately northeast and adjacent to the Nexen oil facilities, which are among the oil-rich nation’s biggest producers.
    In Oil Search’s June quarterly report released yesterday, managing director Peter Botten said the Nexen fields contain in excess of one billion barrels of oil and are currently producing in the order of 230,000 barrels of oil per day (bopd).
    “The agreement has been initialed by all parties and is currently awaiting approval by the Yemen Cabinet,” Mr Botten said.
    He said the formal signing ceremony for the licence was expected in September.
    Committed work program for the initial three-year-licence period included seismic reprocessing, acquisition of new seismic and drilling of one well.
    Oil Search acquired the interest in Block 35 from Saba Oil & Gas, a Yemen company who had negotiated the initial memorandum of understanding for the block.
    Following a technical and commercial review, including reprocessing of existing seismic, Oil Search acquired operatorship and an 80 per cent interest in the block and took over the production sharing agreement (PSA) negotiations from Saba.
    Oil Search has subsequently received a number of expressions of interest from other companies to join the Block 35 joint venture.
    Oil Search has reached an agreement in principal with a large international company that will result in the company acquiring a 30 per cent interest in Block 35 from the company.
    In return,Oil Search will have an option to participate in four blocks currently being negotiated by the party in another country in the region.
    It is anticipated that work will commence in the block during the last quarter of 2002.

    Mark.



 
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