BG reveals plans for exploration offshore Gaza

Nov 11, 1999 01:00 AM

Following the agreement between BG International and the Palestine National Authority (PNA) for exploration offshore Gaza, the company has issued a statement revealing plans to be conducted in three phases. The initial phase will result in the acquisition of seismic data and offshore exploration drilling as soon as technically feasible.
At least two exploration wells are planned to be drilled in the first 18 months. The subsequent phases will see an offshore development plan implemented and gas brought ashore to local markets. Based upon successful exploration and market development, BG International together with partner Consolidated Contractors Company (CCC) may potentially invest sums in the region of $ 500 mm.
A spokeswoman for BG International told, "We are extremely pleased to be given the first exploration licence by the PNA and the possibilities are endless. The first of two phases will see ourselves together with CCC to invest $ 40 mm, and our aim is to drill two exploration wells in the first 18 months of the agreement."

Source: IINX via Iinoil
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