Muscat: Oman Oil Company Exploration and Production (OOCEP) on Monday announced three significant oil and natural gas discoveries in Block 60. The company has discovered first oil in Bisat field, additional light oil found in ABB south and natural gas was discovered in ABB North reflecting a very successful programme of exploration in 2016.
The discovered field, named Bisat, was appraised by drilling two horizontal wells revealing oil rates in excess of 1,000 barrels per day of light oil. Bisat is located 35 kilometers north from the production facilities. This is a significant discovery adding to OOCEP’s resource base and providing future growth opportunity. OOCEP is currently finalising its development plan for first oil production, leveraging on its existing production facilities.
As far as the oil and gas discoveries in ABB South and North are concerned, OOCEP recently drilled exploration wells and discovered significant accumulation of natural gas and oil. The discovery well (ABB North – 1), located around 26 kilometers from the block 60 gas processing plant, tested a gas rate of more than 25 million standard cubic feet per day. The second well (ABB South – 1), was drilled 25 kilometer south of the main Abu Butabul field targeting shallow sandstone reservoirs. The well was tested at rates of 600 barrels per day of light oil.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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