By OGJ editors
HOUSTON, June 9 -- Gulfsands Petroleum PLC, Houston, has acquired the remaining 15% interest in the Misan natural gas utilization project in southern Iraq from private Russian firm Ronexim.
The transaction gives Gulfsands 100% ownership of the project, which involves recovery and utilization of gas, currently flared, from area oil fields (OGJ Online, Feb. 21, 2005).
Privately owned Gulfsands plans to build a gathering system, a natural gas liquids (NGL) plant, and product transmission pipelines. The project is expected to produce 46,600 b/d of NGL and 338 MMcfd of dry sweet natural gas.