Porto Energy updates Lusitanian resource estimates

An independent resource evaluation of the seven Portugal concessions in which Porto Energy Corp., The Woodlands, Tex., maintains an interest indicates a Lower Jurassic Lias best estimate prospective resource of 366.8 million bbl of oil equivalent, nearly three times the previous estimate, the company noted.

The Lusitanian basin evaluation reduced the prospective resource associated with conventional Jurassic reef exploratory targets, but that decline was more than offset by the increased geologic chance of success of finding hydrocarbon-bearing reservoirs in the presalt Silves as confirmed by the ALC-1 well, Porto Energy said (OGJ, Dec. 9, 2002, p. 32).

Narrowing the company’s focus to the Lias unconventional resource and presalt conventional plays will help concentrate farmout efforts, it added.

Phase I work to characterize the Jurassic Lias resource play included finalized aeromagnetic data over the blocks, the drilling and analysis of 23 shallow wells, and the development of a Lias deposition model that greatly increased the company’s understanding of the Lias marls in the central and northern blocks. This work underpinned the updated report and points to a very prospective unconventional resource play that merits further technical evaluation, Porto Energy said.

The Alcobaca-1 presalt exploratory well in the Aljubarrota-3 concession was a subcommercial gas discovery but helped to confirm gas-bearing reservoirs. The well greatly derisked other presalt prospects by confirming source rock, reservoir-bearing sands, and trapping mechanism in the Silves interval.

In total, the updated report has a combined contingent plus prospective resource base comprised of 47% oil and 53% natural gas.

Porto Energy’s Mohave Oil & Gas subsidiary’s concession interests in the basin are Aljubarrota-3 42%, Torres Vedras-3 100%, Sao Pedro de Muel-2 94%, Cabo Mondego-2 70%, Rio Maior-2 100%, Zambujal 72%, and Peniche 50%.

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