Project Profile
Location: Ghadames Basin, Area 47
Value: $800 Million
Upstream: 50,000 bbl/day
Startup year: 2014
In 2005 Verenex Energy Inc were awarded the rights to explore Area 47 in the Ghadames basin, in northwestern Libya. In 2008 the company declared the Libyan Oil Development Project as one of the company’s Key Development Projects. At year end 2009, total number of wells drilled includes 21 wells, which consist of 17 exploration wells and four appraisal wells. From 21 wells drilled, the Company found 14 discovery wells while 4 wells expecting test results; this result shows over 80% exploration success ratio. 1,700 km per square of 3D seismic and 4,000 km of 2D seismic has been conducted to support the analysis on existing “prospect and lead” in order to achieve better exploration program success ratio. In 2009 Libyan Investment Authority (LIA) acquired Verenex Energy Inc. in Area 47 EPSA, resulting in LIA having a 50:50 working interest with MedcoEnergi in the Area 47 exploration block.
Operators:
MedcoEnergi Internasional Tbk – 13.7% Interest
National Oil Corporation (NOC) – 67% Interest
Verenex Energy Inc. – 13.7% Interest
Contractors:
WorleyParsons - Concept Study
APA Petroleum Engineering - Reservoir Engineering Study