Beach Energy ventures offshore Romania

Beach Energy Ltd., Adelaide, has agreed to take a 30% interest in the offshore Est Cobalcescu block in the Black Sea offshore Romania and will form a joint venture with Melrose Resources PLC and Petromar Resources SA.

The move comes via Beach’s partnership with Melrose in the Mesaha permit in Egypt.

Beach is expected to spend $24.8 million during the first 3 years of the Romanian exploration program.

The 1,000 sq km block, which is governed by a 10-year exploration phase and a 30-year production phase, lies in 100 m of water and is next to the ExxonMobil Corp.-operated deepwater area where a major gas discovery was made earlier this year. Just to the east lie the 30 million bbl Olimpiskiyi field and the 270 million bbl Lebada field.

Beach says its move also is motivated by a renaissance in Romanian oil and gas exploration with attractive fiscal terms and strong European gas prices.

The country has produced some 4.4 billion bbl of oil and 27 tcf of gas.

The JV will begin with acquisition of 3D seismic data to follow up on 6 oil leads and 12 gas leads already identified by 2D seismic work.

Related Articles

INTERNATIONAL BRIEFS

01/01/1990 WESTCOAST ENERGY INC., Vancouver, B.C., agreed to buy the utilities and propane business of Inter-City Gas Corp. (ICG), Winnipeg, Man., for $720 mi...

OWNERSHIP QUESTIONS CAN STYMIE DEVELOPMENT OF COALBED METHANE

01/01/1990 Although the technology exists for commercial recovery of coalbed methane, production has been hindered because of the legal quandary as to ownersh...

OIL FLOW RISING IN E. CHINA REGION

01/01/1990 Production is building from an oil producing area in the lower reaches of the Yangtze River in eastern China's Jiangsu Province. The northern J...

GAS EXPLORATION FANS OUT MIN ARKOMA BASIN

01/01/1990 Gas exploration is heating up in the South Central Arkoma basin's pre-Pennsylvanian formations. Several operators are targeting Siluro-Devonian...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected