Abacan Moves Closer To Production.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 1, 1995-- The signing of a formal agreement with Schlumberger Overseas S.A. and Sedco Forex Forex See: Foreign exchange International Inc. and Nigerian partner Amni International Petroleum Development Company Ltd., for provision of an offshore production unit was announced today by Abacan Resource Corporation. The terms of an agreement in principal had been announced previously; with the agreement being formally finalized earlier this week. The mobile offshore production unit (MOPU MOPU Ministerio de Obras Publicas y Urbanismo (Spanish: Ministry of Public Works and Urbana) ) is a key component in the facilities that will produce oil from Abacan's NGO NGO abbr. nongovernmental organization Noun 1. NGO - an organization that is not part of the local or state or federal government nongovernmental organization field, located in the Niger Delta The Niger Delta, the delta of the Niger River in Nigeria, is a densely populated region sometimes called the Oil Rivers because it was once a major producer of palm oil. on OPL OPL Open Publication License OPL Olympus Product Line (Sun) OPL outer plexiform layer OPL Organiser Programming Language (PSION) OPL On-Premise Laundry OPL Optical Path Length OPL Open Public License Blocks 469/237. The facilities include process equipment that will handle volumes up to 50,000 barrels of oil per day, and gas compressors <includeonly></includeonly>A gas compressor is a mechanical device that increases the pressure of a gas by reducing its volume. Compression of a gas naturally increases its temperature. that will be used to re-inject gas into the producing formation for pressure maintenance. The agreement provides for a lease/purchase arrangement. Schlumberger/Sedco Forex will be responsible for the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , installation, mobilization and operation of the facilities. Mobilization and fabrication of the MOPU represents the longest lead-time of components in Abacan's fully integrated offshore production facilities. Negotiations with international service companies are proceeding for lease of a floating storage/offloading tanker and for pipelines for the production facility. At the present time, production is scheduled to commence by the end of the second quarter of 1996. "It's very satisfying to see everything falling into place," said Wade Cherwayko, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Abacan. "This is a very exciting time for Abacan. Every step brings us closer to production, to realizing our goals. The Schlumberger/Sedco Forex group brings a significant amount of technical expertise and knowledge to our production system." Mr. Cherwayko also said that production testing on IMA (Interactive Multimedia Association, Annapolis, MD) An earlier trade association founded in 1988 originally as the Interactive Video Industry Association. It provided an open process for adopting existing technologies and was involved in subjects such as networked services, scripting #2, Abacan's fifth well in the Niger Delta on the NGO field, has been further delayed by mechanical problems. Testing will commence as soon as the mechanical problems have been resolved. The well was drilled horizontally 396 metres (1300 feet) and cased in the main producing formation of the NGO field. Log data indicate the formation correlates to the main zone in Abacan's four wells drilled previously on the NGO structure. Meanwhile, the company continues its plans to drill its first offshore exploration well in the Benin Basin near the border between Nigeria and Benin. "Negotiations are being finalized with Sedco Forex to contract a jack-up drilling rig to drill an exploratory well on Concession Block 309, with the rig expected to commence drilling by early 1996", said Mr. Cherwayko. The rig will be located approximately 30 kilometres (18 miles) offshore in a water depth of 91 metres (300 feet). It will be aiming at a multi-zone target and drilling to a total depth of 3810 metres (12,500 feet). In the fall of 1994, Abacan conducted a broad seismic program on this block which is located near the producing Seme oil field in Benin. An infill seismic program was completed earlier this monthly, further defining a significant structural closure and identifying drilling locations. CONTACT: Wade G. Cherwayko or Ms. Lon Boshouwers 403/262-1220 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion