UKRAINE AWARDS FIRST OFFSHORE LICENSE
Ukraine has awarded its first offshore license, granting Crimean Petroleum Co. exclusive exploration and production rights to Delphin prospect in the Black Sea.
Crimean Petroleum is a 55-45 joint venture of Ukraine's state owned Chernomorneftegas and J.P. Kenny Exploration & Production Ltd., Guildford, U.K. The license covers 4,000 sq km and lies south of Odessa and west of Sebastopol. The Delphin prospect, with a postulated resource of 1.5 billion bbl of oil in place contained in five identified structures, lies on the eastern side of the block. Seismic has been acquired and processed, and a commitment well will be spudded in early 1994, said JPK Expro. If successful, two more wells will follow.
Meantime, JPK Expro has also formed a 50-50 joint venture with Georgian state oil company Gruzneft. Named Georgian British Oil Co., the venture plans offshore and onshore exploration and production.
JPK said main E&P target areas are: Georgia's Black Sea territory, where several prospective structures have been identified; the Black Sea coast, which holds several discoveries; and the Kartli Depression area west of Tbilisi, which lies on a trend containing producing fields.
Copyright 1993 Oil & Gas Journal. All Rights Reserved.