www.petroceltic.ie
Petroceltic is an upstream oil and gas exploration and production company with headquarters in Dublin, Ireland and with interests in Algeria, Kurdistan Region of Iraq, Italy and Ireland.
Petroceltic’s Algerian Gas Field named 10th largest in world
IHS Petroconsultants lent yet more significance to Petroceltic’s discovery at the Ain Tsila Ridge in Algeria, rating it as the tenth largest in the world and the largest in Africa so far this year.
There is a 50% chance that the discovery, which was announced back in August, hosts gas reserves of 2.25 bcf (billion cubic feet), or 400 million barrels of oil equivalent. This estimate is based on the flow rates of 34 mmcfpd (million cubic feet per day) achieved at the first well AT-1, as the discovery’s full extent will not be known until the completion of the ongoing drilling and testing activities.
Testing of another well on the field, AT-2, is slated for completion before the end of the current year.
It is expected Petroceltic to take 3 years to bringing the project on-stream after submitting a development plan due to its proximity to producing gas fields, including Algeria’s second largest gas field at Tin Fouye Tanbankort, which is connected to the existing TFT pipeline network that is likely to serve the Ain Tsila Ridge field, which is believed to host reserves of 2.5 tcf (trillion cubic feet) of gas.
According to estimates, the cost of bringing the field on-stream will amount to €0.67 million.
The Middle East Economic Survey (MEES) noted Petroceltic’s ties with Algeria’s state owned oil company Sonatrach, which holds a 25% stake in the project, saying it made the development success more likely. MEES also mentioned the company’s deal with Spanish utility company Iberdrola, which has the right to purchase half of Petroceltic’s stake in the project for €37 million, thus covering any development expenses incurred by the company.
