Project Profile
Value: US$78.4 million (2016)
Location: near Nadym in Western Siberia, lies in the Yamal Peninsula, Russia
Reserves (2P): 11.8mmbbls (2016)
Area: 1,224 sq km
Start-up Year: -
The West Medvezhye oil, gas and gas condensate licence near Nadym in Western Siberia, lies in the Yamal Peninsula. This area is one of the most prolific gas regions in the world where over 70 Tcf of gas has been produced. In 2004, Victoria Oil & Gas acquired a 74.8% interest in Russian company ZAO SeverGas-Invest (SGI), which holds the licence for the West Medvezhye field and in 2005 Victoria acquired the remaining 25.2% bringing its total shareholding to 100%. West Med lies near to the super-giant Medvezhye field and is located about 120km from Urengoy, the second largest gas and condensate field in the world. The Medvezhye field has been in production since 1972. In 2006, independent reserve auditors DeGolyer and MacNaughton provided best estimates for the total prospective recoverable resource volumes for the 1,224 square kilometre licence of 1.1 billion barrels of oil equivalent.
In 2011, Mineral prepared structure maps and seismic attributes anomaly maps for all the prospective formations in the West Med block. These were integrated with the Company\'s passive seismic, gas tomography and geochemical studies to define/rank leads and prospects and to further assess the 103 discovery. In September 2011, Mineral has concluded West Med prospective resources are now in excess of 1.4 billion boe including increased oil prospectivity of approximately 670 million barrels of oil in the Lower Cretaceous Neocomian-Achimov and Jurassic formations.
Operators:
Victoria Oil & Gas: Operator with 100% interest
Contractors:
DeGolyer and MacNaughton: Provided best estimates for the total prospective recoverable resource volumes