UAE company to explore Algerian block

Gulf Keystone Petroleum Co. of the United Arab Emirates has signed an agreement to explore Block 126 in the Ferkane region in northeast Algeria, said the Organization of Petroleum Exporting Countries' news agency.


By an OGJ Online Correspondent


ALGIERS, Mar. 2
�Gulf Keystone Petroleum Co. of the United Arab Emirates has signed an agreement to explore Block 126 in the Ferkane region in northeastern Algeria, said the Organization of Petroleum Exporting Countries' news agency.

Gulf Keystone will carry out a work program in two phases. The first requires a $15 million expenditure. It includes acquisition of 600 sq km of 3D seismic and the drilling of three wells over a 5-year period.

In the second phase, Gulf Keystone will spend $9 million. It will shoot another 600 km of seismic and drill another well.

Other bid winners were Anadarko Petroleum Corp. of the US, which won Block 406 in the Berkine Basin, and Rosneft and Stroytransgas�both of Russia�won block 348.

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