INTRODUCTION
The Exploration and Development Contract for Exploration Block -
8, Western Desert, Iraq was signed by OVL Limited with the Oil Exploration
Company (OEC) of the Ministry of Oil, Iraq on 28th November, 2000
at New Delhi.
The contract has been ratified by the Government of Iraq and Ministry
of Oil, Iraq has conveyed 15th May, 2001 as the Effective Date for
this Contract.
The block has a reserve expectation of about 645 MMbbls. The (estimated
proved + possible reserves) in Abu-Khema of this block is about
54 MMbbl.
DEVELOPMENT PLANS
Phase 1 of the Contract, which extends for a period of three years,
consists of :
| • |
Reprocessing and interpretation of existing
2-D seismic data |
| • |
Acquisition, Processing and Interpretation
of 1000 line kilometers of 2D and 300 sq.km of 3D seismic
survey
|
| • |
Drilling of Two (2) Wildcat Wells
|
The minimum expenditure obligation of the Contractor during this phase
is US$ 15 Million. Out of this Minimum Work Program, the first activity
has been completed.
Contact Information
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