Niko Resources sees D6 gas development starting Q3 CY08
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Niko Resources, the Canadian oil and gas major, sees D6 gas development starting in Q3 CY08, reports CNBC-TV18. “Volumes will ramp up to 2.8 billion cubic feet per day, or bcf/d. D6 oil development will start in Q3 CY08. Post that, volumes will ramp up to 40,000 barrels per day.”
The company has submitted development plans for D6 satellite fields. “We estimate D6 Phase-I initial field development costs at USD 5.2 billion. 14 of the 18 planned Phase-I wells will be tied in after the start-up. D6 development provides flexibility to up production to 4.2 bcf/d.”
It has also submitted development plans for eight national gas discoveries in D6. “The initial field development costs for MA oil discovery stands at USD 1.5 billion. A large portion of the Block MA development cost is to tie in 4 of the 6 planned oil wells.”
Reliance Industries-Niko plans to convert some oil wells after the gas production period.
RIL said it has completed initial drilling in NEC-25. “Results are under evaluation.” The company plans to submit development plans for six gas discoveries declared commercial. It will select initial drilling location in D4 block as early as mid-CY09. The oil major holds 90% in D6 block, while Niko Resources holds 10% stake.
Source: moneycontrol.com
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