Project Monitor reported that The NC-188 & NC-189 exploration projects of ONGC Videsh Ltd in Libya in northern Africa are progressing at a good pace. The company has extended the exploration phase to June 2009 along with shifting of one of the remaining wells from NC 188 to drill in block NC-189, besides two of its own commitment wells.
According to sources, Turkish Petroleum Overseas Company, the operator is currently drilling one well in block NC-189 and is planning to drill one remaining well in the same block. The share of investment in this phase is currently estimated at USD 46 million, out of which about USD 21.423 million has been invested till March 2008.
Block NC-189 is located in the Sirte basin of Libya and measures about 2,100 square kilometer while block NC-188 is located in the Ghadames basin and spreads over an area of 6,600 square kilometer. The blocks are estimated to contain 'in place' reserves of 500 million to 1 billion barrels of crude.
OVL, the overseas arm of ONGC Ltd, acquired 49 per cent stake in the two onshore exploration blocks with TPOC, a subsidiary of Turkish national oil company, holding the balance 51% participating interest. The exploration and production-sharing agreement with the Government of Libya was signed in February 2000 and has an initial exploration phase of five years and a production period of 25 years.
The two exploratory blocks governed by the agreement cover 8,646 square kilometer in aggregate.
