Joint Operations

SIR ABU NU’AYR CONCESSION

Quick Facts Situated in the heart of one of the world’s major and prolific hydrocarbon basins. The acreage is flanked to the east by Dubai’s Fateh and Rashid oil fields complex, to the north by the sirri oil field of Iran and to the west by the prolific oil and gas fields of Abu Dhabi. Salt Dome hydrocarbon plays are prevalent throughout the Gulf of Mexico, the North Sea and within the Arabian Gulf.

Previous 2-D seismic survey indicates the project’s considerable potential.

Comprehensive 3D/2D seismic survey design covering the island and the surrounding area of 12 nautical miles were conducted in 2009. The Island of Sir Abu Nu’ayr, which sits in the Centre of the concession area, is part of the Emirate of Sharjah and is located 80 kilometers of offshore of Abu Dhabi, in the middle of the prolific offshore oil territory. The acreage is flanked to the east by Dubai’s Fateh oil field Complex, to the north by the Sirri oil field of Iran and to the west by the prolific oil and gas fields of Abu Dhabi. Sir Abu Nu’ayr is a salt piercement structure formed by the movement of Cambrian (Hormuz) salt. Salt deposited of the Cambrian age has moved progressively upward, puncturing through the younger overlying strata to create a dome structure. Surface expressions are composed of evaporates rocks, plus igneous rocks and quartzitic sandstone. Such deep seated salt movement has affected all the major highly prolific reservoirs, (Khuff, Arab, Ilam/Mishriff and Thamama) of the giant Abu Dhabi fields (Zakum, Umm Shalf, Bab and Abu Hasa) and generated potential highly dipping structures around the flanks of the pier cement structure. A 2D seismic acquisition was carried out in 1998. The acquisition geometry, processing and interpretation of the dataset have been considered a remarkable success case. The forward work program is underway to undertake a 3D seismic survey, using the most up to date seismic techniques to image under the Island and to determine the structural configuration of the salt and formations adjacent to the Island. This will lead to subsequent exploration drilling.

IRAQ PROJECTS

GULFOGEC is an international oil company to have had a continuous presence in Baghdad for almost 2 decades. GULFOGEC signed in 2006 a Memorandum of Understanding (MOU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil. The agreement covers technical co-operation and training, and includes an exploration and appraisal study on an area assigned for GULFOGEC by OEC in Southern Iraq.

A Joint steering Committee for technical cooperation has also been set up between GULFOGEC and Iraqi’s Ministry of Oil to facilitate and implement the terms of the MOU. GULFOGEC performed detailed studies and conducted negotiations with the Ministry of Oil for the development of the giant Ratawi Oil field, in Sourthern Iraq whose estimated reserves are over 10 billion Barrels Ratawi is one of the Major super giant fields with over 10 billion barrels of oil in place that are ear marked for speedy development to boost the oil production capacity of Iraq.

GULFOGEC is fully committed to the development of opportunities across Iraq to support the redevelopment of the country. Additional offices have been set up in recent years in Erbil, Suleymania and Basra to support the growing operations of GULFOGEC in Iraq.

GULF SOUTH ASIA GAS PROJECT

The GUSA project comprised two main parts, viz the Upstream Development to produce the gas at the source in Qatar, and the pipeline, which was to transport gas to Pakistan. The Upstream part included the development of a sector of the North Field of Qatar to produce natural gas of up to 1600 MMscfpd of pipeline quality gas for the export to the Pakistan markets.

The Pipeline between Qatar and Pakistan, being 1186 kilometers, was to support economics of a large diameter pipeline project. Total Project costs incurred in excess of US$30million.

MONTENEGRO (FORMELY YUGOSLAVIA)

Quick Facts GULFOGEC in joint venture with Jugo Kotor, obtained exploration rights for Block 1 in the Adriatic Basin of 3830 sq kms. Exploration work included 4,200 kms seismic acquisition, processing, interpretation and drilling of 5 explorations well. Good potential drilling prospects identified, but due to political turmoil concession was suspended but will resume in earnest soon.