A little bit more info..
Tanganyika Oil Company Ltd. was pleased to announce on May 15, 2000 that it had reached an agreement with the Government of the Syrian Arab Republic granting
Tanganyika exclusive rights to a major oil concession in northeastern Syria. A map is available from the Company. Please call Sophia Shane at 1-888-689-7842 (toll free in
North America) or 604-689-7842 or e-mail at sophias@namdo.com. Or find a copy further down this page. The Oude Development Block encompasses 403 square kilometres
(100,000 acres) which contain a producing oil field discovered by the state-owned Syrian Petroleum Company ("SPC") in the late 1970s. The field was partially developed with
41 wells, drilled using outdated technology. Presently, 17 wells are producing approximately 2,000 barrels of oil per day and 27 Mmcf of gas per day. This agreement provides
Tanganyika exclusive rights to develop this unexploited field and share ownership in the incremental oil produced. The geological feature defining the Oude Field consists of
three carbonate reservoirs ranging in depth from 1,100 to 2,200 metres. Mapping, based on extensive well control, estimates total hydrocarbon volumes at greater than 2.0
billion barrels of oil and 700 billion cubic feet of gas. Interpretation of a newly acquired 3-D seismic survey over the field will further validate the size of these reservoirs.
In the initial phase of the project, the Company will immediately conduct feasibility studies and pilot tests to determine the optimal drilling technology and enhanced recovery
schemes, such as horizontal producers assisted with gas injection. On the basis of these field trials, Tanganyika has the opportunity to implement a full-scale development
program aimed at efficiently recovering these world-class reserves over a period of 25 years. The Company will have full use of existing facilities and has been guaranteed
access to markets through the pipeline system currently transporting crude to a Mediterranean terminal. The Oude Development Project is the first venture where the Syrian
Government has granted a foreign company exclusive rights to exploit a state-owned producing oil field. This agreement is viewed as a major achievement and will serve as a
model joint venture initiative between the Syrian Government and private enterprise.
This is good stuff alright..! |
