PA Resources submitted an updated Zarat Field Plan of Development to the Tunisian authorities, proposing a two-phase development, with the first oil expected in 2020 and the second phase meant to double the capacity of the production facilities.
?The proposed development is in two phases, with Phase 1 comprising four production wells and production facilities to process and export 20,000 bbls/d of oil and 100 mmscfg/d of raw gas. Phase 2 comprises a further four development wells, with expanded facilities to increase capacity to 40,000 bbls/d and 200 mmscf/d of raw gas? reads a note released on Tuesday.
According to the company, the Zarat field is a shallow-water, gas-condensate and oil field containing estimated recoverable reserves of 147 mmboe.
?It is Tunisia?s largest undeveloped field and production from Zarat Field will be critical in alleviating a forecast future gas supply deficit in Tunisia? the Sweden-based company wrote.
PA Resources worked with the state oil company Entreprise Tunisienne d?Activités Pétrolières (ETAP).
Also on Tuesday, the company published a press release about the recent Annual General Meeting, in which it reports that the Board decided that no dividend would be paid for the fiscal year 2014. The company will also reduce its share capital.
On Thursday, Norway-based Subsea 7 informed it was awarded a contract by BP, and partner DEA for the development of the Taurus and Libra subsea fields offshore Alexandria, Egypt. The contract has a value of approximately USD 500 million.
?The contract is the first phase of Egypt?s West Nile Delta project where field development will be at depths of approximately 800 metres. The contract scope includes the engineering, procurement, installation and pre-commissioning of subsea infrastructure required to develop the hydrocarbon resources from nine wells including 75 kilometres of umbilicals and 100 kilometres of pipeline? reads the note.
Also Subsea 7 reported some difficulties, with its revenues falling from $ 3,573 million in the first six month of 2014 to $ 2,534 million in the first quarter finished on June 30, 2015.
?The sustained downturn in oil company expenditure continues to result in lower industry activity and the timing of new awards to market remains highly uncertain. By balancing the implementation of its cost reduction programme with a focus on maintaining its core in-house expertise and capability, Subsea 7 remains well positioned to continue to deliver its projects in a consistent and efficient manner and capture future business opportunities? the company wrote on Wednesday.
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