US Frontera Resources to develop Taribana oil field

Jul 03, 2000 02:00 AM

US company Frontera Resources plans to develop the Taribana oil field in eastern Georgia over the next 25 years and produce a total of 230 mm barrels of oil, joint venture Frontera Eastern Georgia said.
Frontera said it would develop Taribana in three stages, launching 60 wells until 2007, another 40 wells in 2007-2015, and 25 wells between 2015-2025. The volume of oil output is planned at 30,000-40,000 bpd.
The project will be fully financed by Frontera, which has already invested about $ 30 mm and hopes to borrow $ 60 mm from the European Bank for Reconstruction and Development in the near future.
The joint venture was formed in 1997 between Frontera Resources and the Georgian company Gruzneft to develop five oil fields, including Taribana, the total reserves of which are estimated at about 1 bn barrels.

Source: Bridge News via Newspage
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