Indago hopes for Ras Al Khaimaah oil
Posted: 05 June 2006
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Independent company Indago and the government of Ras Al Khaimah, one of the emirates in the UAE entered into a new petroleum concession, in addition to a joint operating agreement with the Ras Al Khaimah Gas Commission (Rakgas).
 The concession area encompasses an offshore oil and gas field called RAK B which was discovered in 1976 by Vitol. The RAK B-1 well tested at rates of around six to seven MMscf/d of gas and 1800 to 2200 bpd of condensate from the Thamama reservoir and around 3000 bpd of oil from the Ilam reservoir. They are located in the same formations present at Bukha and West Bukha , discovered fields that are operated by Indago.
Two later wells (B-2 in 1977 and B-3 in 1978) failed to find productive hydrocarbons, however they were all based on low resolution 2D seismic data. More recently a 3D seismic survey has been shot and is currently being processed by Indago.
Initial interpretation shows considerable differences between the 2-D and 3-D surveys, which could prove significant. Indago would also expect to take advantage of the advances in drilling and completion techniques available since 1976.
Furthermore, at the time of discovery there was no gas processing plant operating in Ras Al Khaimah, or offshore infrastructure at the Saleh field, which now should assist in reducing the threshold for commercial reserves.
The joint venture (Indago as operator with 40% and Rakgas with 60%) plans to leverage off Indago’s regional oil and gas experience and Rakgas’ local infrastructure and gas processing/marketing skills to create an appraisal and development plan for RAK B. Indago’s financial commitment associated with these agreements will be to fund our pro rata share of the work programme, currently consisting of technical & commercial reviews and inspections.
An existing platform at B-1 will be the subject of an inspection. Over the next 12 to 18 months, the technical and commercial will be carried out to determine whether further drilling or facilities installation is justified.
Indago expects to update the market on the RAK project during the next 18 months.
Peter Sadler, CEO, Indago Petroleum said: “This is potentially an excellent development opportunity for Indago. We are hopeful that the historically proven hydrocarbon area, can be investigated and transformed into a commercial find by the application of modern technology and up to date techniques such as 3-D seismic and directional or horizontal drilling.
“We also believe our relationship with Rakgas will continue to be mutually beneficial, with Indago providing the technical E&P skills to the Joint Venture and Rakgas as an invaluable local processing, sales & marketing partner.”
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