Premier Consolidated Oilfields plc, London, and Albania's state owned Albpetrol have formed a 50 50 venture for field development in Albania.
The new concern, Anglo Albanian Petroleum, will at first act as operator for two onshore licenses. One is a 44,170 acre tract containing Patos-Marinza oil field, the other a 97,680 acre block containing the Dumre field discovery.
The venture plans to invest $13 70 million in the fields during a 4 year period. Premier's spending in the first year will be $5.25 million.
Patos Marinza, Albania's largest oil field, will be rehabilitated. Present production is 3,000 b/d of oil, down from a peak of 20,000 b/d. Albania's total production at present is about 9,000 b/d. There are about 2,000 wells in Patos Marinza field, although many are not on production. The companies intend to use steam injection to boost oil recovery.
The venture also plans to resume drilling the Dumre 7 discovery well, which was suspended at 4,500 m. Premier plans to drill the well to 6,000 m to test a large prospect in Eocene/Cretaceous carbonates.
Premier says Patos Marinza field, on production since the 1930s, has yielded only 5% of its oil in place. Current licenses provide a 25 year production term.
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