Lundin Petroleum AB has signed a production sharing contract (PSC) for Blocks 2 and 6 in Federal Democratic Republic of Ethiopia.
Lundin Petroleum signed the PSC with the Minister of Mines and Energy of the Federal Democratic Republic of Ethiopia in Addis Ababa on November 7, 2006. The PSC covers Blocks 2 and 6 located in the onshore Ogaden Basin. The massive two-block area spans over 24,000 square kilometers and is located just west of the Calub and Hilala oil and gas discoveries.
Lundin Petroleum holds a 100 percent interest in the PSC area through the exploration period, with the Ethiopian Government having an option to participate with up to 10 percent interest following a commercial discovery. To date, no wells have been drilled in Blocks 2 or 6, but indications of light oil, gas and condensate have been documented in well tests and surface seeps to the south and east of the Blocks.
Ashley Heppenstall President & CEO of Lundin Petroleum comments: "I am pleased to announce the award of exploration Blocks 2 and 6 in Ethiopia which comes after lengthy technical efforts in the region. We are confident that the Ogaden Basin, and in particular Blocks 2 and 6, possesses all the right ingredients for future commercial oil and gas discoveries."
www.oilvoice.com
No comments:
Post a Comment