Step towards the development of producing fields

DR. SHOKRI GHANEM, Chairman of the National Oil Corporation recently inaugurated the NC100 field of the Arabian Gulf Oil company (AGOCO) (one of the national companies fully owned by NOC) to put the producing wells on the production line.

In his speech during the opening ceremony, Dr. Ghanem thanked AGOCO for their efforts of putting the producing wells in this field on the production line, stressing that the national companies are able to develop producing fields, a task which does not have to be assigned to foreign companies.

It is worth mentioning that in implementing this policy, the undeveloped fields were distributed to be developed by the national companies and increase their productivity. The undeveloped fields are oil discoveries abandoned by foreign companies in the past and have not been previously developed because they were not economic, as some of them have insufficient quantity, or because they are far from exporting ports.

However, when the price of oil increased, they became economical and profitable. One of these fields is the NC100 field, which many companies tried to get by all means, but NOC assigned AGOCO to carry out its development after AGOCO provided all available technical data and was able to put it on the production line. It is expected that production of this field would reach 20,000 bpd by the end of this year.

15 sites were prepared for drilling, with an expected reserve of 240mn barrels, 61mn barrels of which are recoverable, in addition to 123 bcfg, 99 bcf of which are recoverable. 36 prospects were identified. Work is now underway to complete the geological technical data to confirm their drilling with a reserve of about 1,116.5mn barrels of oil, 335mn barrels of which are recoverable, 2,089 bcfg, 1,567bcf of which are recoverable. Work is now underway to develop a number of other fields, most important of which are: Sultan Field, NC4, and NC101.

It is noteworthy that during the year 2010, a number of discoveries added about two billion barrels of oil to the reserve, about 600mn barrels of which are recoverable, and about 2,360 bcfg, about 1,600 bcf of which [are recoverable].


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