Anadarko with Agip in joint Algerian deal

Apr 14, 1997 02:00 AM

Anadarko Petroleum Corp and Italy's Agip Spa are drafting the requisite documents for the development of Algeria's Hassi Berkine and Hassi Berkine North oilfields, the Middle East Economic Survey (MEES) said."MEES learns that the US firm Anadarko and Italy's Agip are currently drafting the requisite documents for the unitisation and joint development of Anadarko's Hassi Berkine (HBN) and Agip's Hassi Berkine North (HBNN) oilfields, located in Blocks 404 and 403a respectively," it said.
"Each firm has drilled two wells in its respective field, and on the basis of the resulting data the two companies have reached the conclusion that they have tapped the same reservoir. One more delineation well is to be drilled before development starts," the newsletter added. It said the unitisation and development documents are expected to be finalised in mid-year and that it is hoped that approval will be received by the end of the year so that development operations can start in 1998. This would be followed by production in 1999 with a capacity of 60,000 bpd, MEES added. "Anadarko will be the operator of the new field and will hold a majority interest in the development," it said.
"MEES has also learned that preliminary estimates on the earlier unitisation agreement signed between Anadarko, Spain's CEPSA and the Louisiana Land and Exploration Company now indicate that the field, lately named Quba, is potentially the second largest oil reservoir in Algeria," it said. It said that operating companies are officially putting recoverable reserves at over 1 bn barrels, but recoverable reserves could be closer to 2 bn barrels.
Anadarko, CEPSA, and Agip have discovered oil and gas wells in Algeria, mostly since the North African country liberalised more of its oil and gas legislation in 1991 to attract foreign investors.

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