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Joint Venture Approves Chinguetti Project

Source: www.gulfoilandgas.com 6/1/2004, Location: Africa

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Premier is pleased to announce that the Woodside-operated Chinguetti oil development in Mauritania will proceed following joint venture approval of the project. The capital investment expected to execute Phase 1 is approximately US$600 million.

The Chinguetti project is in Production Sharing Contract Area B, about 90 kilometres west of the Mauritanian capital, Nouakchott. Chinguetti, which was discovered in 2001, has proven and probable reserves estimated at around 120 million barrels of oil.

The joint venture’s decision to proceed allows work to begin immediately under key contracts. Based on the award of contracts and anticipated timing of vessel availability, first oil is expected to be produced by the end of the 1st quarter 2006.

The Chinguetti field development will include six production wells and four water injection wells for reservoir pressure support with flowlines to a permanently moored floating production, storage and offloading vessel moored over the field in about 800 metres of water. Surplus gas not required for fuel will be returned to a nearby reservoir via a gas injection well.

The floating production facility will be a converted trading tanker owned and operated under a service agreement with Bergesen d.y. Offshore AS, of Norway. Bergesen is a specialist provider and operator of floating production systems with current operations experience in Equatorial Guinea and Angola. The floating production facility will have a storage capacity of 1.6 million barrels. Oil production is expected to begin at about 75,000 barrels a day.

Subsea hardware will be supplied by FMC and drilling will be conducted by Smedvig and Stena Drilling. The drilling programme is substantial and could contain around 20 wells which include Chinguetti development and additional exploration and appraisal targets.

Charles Jamieson, Chief Executive of Premier, said:

“We are very pleased that this project is moving forward to development. With a very active programme of exploration and appraisal due to start in the second half of this year, Mauritania is now a key business area for Premier.”


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