Page 11 - MEOG Week 07 2023

MEOG NEWS IN BRIEF MEOG

POLICY timing of the wells to be drilled in the 2023 area of the Block during the second half of
work programme and the timeliness and 2023.
Parliament requests effectiveness of the debottlenecking of surface are expected to amount to MUSD 10.5 (2022:
On Block 58 Tethys Oil’s 2023 investments
facility constraints. Monthly fluctuations
amendment to Iraq’s draft outside of the yearly average production range MUSD 1.4) relating primarily to the drilling
is to be expected.
of an exploration well at the beginning of Q3
oil and gas law extended well test on Al Jumd on Block 56 2023.
Any production from the upcoming
TETHYS OIL
On February 14, Iraq’s parliamentary Oil and does not constitute commercial production
Energy Committee submitted a request to the and is thus excluded from the production
Council of Ministers that includes making an guidance. OIL
amendment to the draft oil and gas law and Tethys Oil expects operating expenditures
sending it to the House of Representatives. to be USD 14.5 per barrel (+/- 1.0 per barrel) IDC drilling two new wells
Committee member Ali Saadoun Al-Lami in 2023. The expected level of operating
explained, in his speech to the Iraqi News expenditure per barrel reflects the expected at Fakkah and Gharraf
Agency (INA), that “the draft law stipulates production guidance range together with cost
that the extraction file belongs to the federal levels on par with or slightly higher than 2022. The technical and engineering personnel of
government, and in return, the Kurdistan Tethys Oil’s total investments in oil and the Iraqi Drilling Company began drilling the
Region is the one that agreed with companies gas properties in 2023 is expected to amount FQCS-88 oil well using the IDC 55 drilling
within licensing rounds there and drilled and to MUSD 85-95. The range is on par with the rig with a horsepower capacity of 2000
extracted oil without referring to the center.” 2022 investments in oil and gas properties horsepower, as part of a project to drill 22 oil
Noting that “when the law is approved, how of MUSD 89 spread across the Blocks. The wells for the Chinese company CNOOC in
will the file be managed, what will be the fate 2023 investments in oil and gas properties are the Fakkah oilfield in Maysan Governorate,
of the licenses, and who will complete the expected to be funded by the Group’s cash and the planned depth of the well is 3150
management of its projects? And this dispute flows as well as cash on hand. meters.
has not been resolved yet.” Investments on Blocks 3&4 are expected The company’s staff also began drilling
Al-Lami continued, “Our committee to be MUSD 65-75 (2022: MUSD 63.4). The the C-153 oil well using the IDC 58 drilling
demanded, in an official letter, the Council of expenditure reflects increased spending on rig with a horsepower capacity of 2000
Ministers to amend the law and send it to the drilling, a total of 47 new wells compared horsepower, as part of a project to drill 28
House of Representatives in order to proceed to 36 in 2022, as well as increased facility oil wells in the Gharraf oil field in Dhi Qar
with its legislation in this session to regulate investments for power generation and Governorate for Malaysia’s Petronas.
oil and gas affairs in the country.” produced water handling. The range denotes MOO
INA uncertainty related to spending driven by
exploration success and the ability to fulfil Israel begins exporting oil
facility upgrade plans given supply chain
COMPANIES constraints. Energean is delighted to confirm the first
2023 spending on Block 49 is expected ever lifting of an Israeli crude oil cargo has
Tethys Oil announces to be MUSD 1.5 (2022: MUSD 0.4) with taken place at the Company’s Karish field.
expenditure related to the re-entry and re-
For the first time in the history of Israeli oil &
financial guidance for 2023 testing of the Thameen-1 well. gas production, hydrocarbon liquids will be
exported to global markets.
On Block 56, Tethys Oil’’s 2023
Tethys Oil expects full year 2023 average investments, including carry arrangements, Utilising the regionally unique liquids
production to be in the range of 9,000-10,000 is expected to amount to a total of MUSD storage and offloading capability of the FPSO
barrels of oil per day with the outcome 8.0 (2022: MUSD 23.8) relating mainly to the “Energean Power”, the liquids are offloaded
dependent upon the performance and drilling of an exploration well in the central in a controlled manner and sold into various

Week 07 15•February•2023 www. NEWSBASE .com P11