OMV Receives Green light for Development of Block S2 in Yemen

Source: www.gulfoilandgas.com 1/9/2006, Location: Middle East

OMV announced that the Petroleum Exploration and Production Authority (PEPA) of Yemen and the ministriy of oil & minerals have accepted OMV’s Declaration of Commerciality in its operated Block S2 (Al Uqlah) in the Shabwa province of Yemen. The two-phased development plan could result in first oil production as early as Q3 2006 with a total production of 11,000 barrels per day (bbl/d). The field is expected to reach its full production rate of about 32,000 bbl/d by 2009/2010. Proven reserves amount to 50 mn barrels, and the field’s production life will be about 20 years.

Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: “The discovery of an oil field in a complex fractured basement reservoir is a huge technical success. We will further strengthen our position in Yemen through comprehensive assessment of the remaining potential in this block and by exploration in the nearby Block 2.”

The development area for the oil discoveries of Block S2 covers approximately 1029 km² in central western Yemen. Block S2 is situated close to Block 2 (Al Mabar) for which OMV signed a Production Sharing Agreement on 13th July 2005.

Two-phased development
Due to the complexity of the reservoir, the joint venture partners and PEPA have approved a two-phased development plan. Phase 1 is designed to gather additional knowledge about the oil field, by modern technology such as 3D seismic. The data gathered during this phase will be used to define optimal development of the full field in Phase 2.

Production plateau of 32,000 bbl/day
Production start-up from Phase 1 is anticipated as early as Q3 2006. During this phase, oil production will gradually increase to a maximum of 11,000 bbl/d by 2007/2008. However, with full field development in Phase 2, a plateau oil production rate of 32,000 bbl/d is anticipated by 2009/2010. Currently, estimated proven reserves of about 50 million barrels should result in about a 20 year production life. The proven and probable reserves are estimated at 170 million barrels. Gross capital investment for Phase 1 is estimated at about USD 85 million. Current estimates for the full field development, including phases 1 and 2, are USD 250-300 million.


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