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Home | Categories | Mineral Resources Please tell us what you think of this article. Tell a friend Print Friendly

Falklands : US $160Million for FOGLís Falkland Oil
Submitted by Falkland Islands News Network (Juanita Brock) 23.03.2013 (Article Archived on 20.04.2013)

Over the next two years FOGL plans to invest US$160mn in exploration offshore the Falkland Islands and will invest it to acquire over 10,000km2 3D seismic in the period.

US $160Million for FOGLís Falkland Oil


By J. Brock (FINN)


 


Over the next two years FOGL plans to invest US$160mn in exploration offshore the Falkland Islands and will invest it to acquire over 10,000km2 3D seismic in the period.


 


According to Tim Bushell, FOGLís CEO, the Southern and Eastern Falkland basin focused, the group aims to better identify new well locations by calibrating the 3D data it collects with wells Loligo and Scotia the company already has drilled,


 


Seismic will be collected over the Diomedia fan complex (taking place now); the Faultblock area to look for deposits similar to that of nearby Borders & Southern's Darwin gas condensate discovery; and the Northern Hersilia-Loligo area.


 


Starting in 2H14, FOGL partner, Noble Energy (NYSE: NBL), will take charge of drilling three to four wells in search of oil, which will be easier to commercialize than the gas discovered up until now. The drilling program is expected to cost US$100mn and will last into 3Q15.


 


FOGL is evaluating different possibilities to commercialise further gas discoveries including the use of an FPSO, subsea tie-back to shore with subsea separation and compression, a land based two train LNG plant or a floating LNG vessel moored in a deep-water harbour.


 


Farm-in agreements with Noble Energy and explorer Edison, controlled by French state power company EDF, provided FOGL with capital to fund exploration.


 


Source: RNS

 

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