ExxonMobil subsidiary participates in two North Caspian discoveries

Nov 24, 2003 01:00 AM

ExxonMobil announced that its subsidiary, ExxonMobil Kazakhstan, has participated in two discoveries in new prospects on the North Caspian Production Sharing Agreement (NCPSA) contract area.
The first exploration wells on each of the Aktote and Kashagan Southwest prospects were completed successfully and encountered hydrocarbon-bearing intervals. Additional evaluation will be required to determine if the hydrocarbon accumulations are commercially viable.

Aktote-1 and Kashagan Southwest-1 are the third and fourth discoveries on the NCPSA following Kashagan and Kalamkas. The world-class Kashagan discovery was announced in 2000 and declared commercial in June 2002 with estimated resources of more than 9 bn barrels of oil.
The drilling of Aktote-1 was carried out on an artificial island. The well was drilled to a total depth of 14,000 feet (4,267 meters) and was tested at a rate of 1,550 bpd on a 28/64-inch choke.

Drilling of Kashagan Southwest-1 was also performed on an artificial island. The well was drilled to a total depth of 19,275 feet (5,875 meters) and was tested at a rate of 2,100 bpd on a 32/64-inch choke.
"The Aktote and Kashagan Southwest discoveries provide further encouragement that the North Caspian can become an important resource base to help supply the world's growing energy demands," said Jon Thompson, president of ExxonMobil Exploration.

The North Caspian PSA covers almost 1.4 mm gross acres. Companies involved in exploration and development of this area are ENI (Operator -- 16.67 %), ExxonMobil (16.67 %), BG (16.67 %), Inpex (8.33 %), Phillips (8.33 %), Shell (16.67 %), and Total (16.67 %). Upon completion of the sale of BG International's interest in the NCPSA, ExxonMobil's interest will become 20.37 %.
In addition, ExxonMobil affiliates have a 25 % interest in the Tengiz field, one of the world's largest oil fields, located on the Eastern shore of the Caspian Sea, and a 7.5 % interest in the Caspian Pipeline Consortium.

Source: Business Wire
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