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Technical and Economic Conditions for oil and gas Exploration ...

Source: www.wavefield-inseis.com
Topic: Economic Conditions

Sort Desciption: Technical and Economic Conditions for oil and gas Exploration. Development and Production for the offshore block No. .. I - Durations technical and ...

Content Inside: Technical and Economic Conditions for oil and gas Exploration Development and Production for the offshore block No. . I - Durations technical and financial obligations Initial exploration period is divided into two stages: 1 st Stage: Studies and evaluation Duration 30 months Min. required works 3D seismic survey for the whole block with processing interpretation and issuance of HC Potentiality Report for the block. Financial Obligations Note: at the end of this stage the contractor decides either to enter into the second stage or the whole area is relinquished. 2 nd Stage: Drilling and exploration: Duration 30 months Min. required works Drilling of one wildcat well at least Financial Obligations 1 st Extension: Duration 2 years Min. required works Drilling of one wildcat well at least Financial Obligations 2 nd Extension: Duration 2 years Min. required works Drilling of one wildcat well at least Financial Obligations Relinquishments: There are no relinquishments during the stages of exploration. The whole area is relinquished except development areas when the contractor decides to stop exploration works. Development: Contractor should start to carry out the development works during two years of a commercial well discovery. II Allocating 1. Royalty: 125 % of the total production. 2. Costs recovery: Oil costs recovery according to statements Ratio of production after royalty 1st Statement ( 0 25 )thousand barrel/day 2nd Statement ( 25 50 ) " " " 3rd Statement ( 50 100 ) " " " 4th Statement more than ( 100 ) " " " Gas costs recovery according to statements Ratio of production after royalty 1st Statement ( 0 25 ) thousand equivalent Barrel/day 2nd Statement ( 25 50 ) " " " 3rd Statement ( 50 100 ) " " " 4th Statement more than ( 100 ) " " 3. Excess cost recovery: 50% for SPC and the rest is divided between contractor and SPC according to production sharing sta ...

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