Mediterranean Oil & Gas submits Ombrina Mare development application

Mediterranean Oil & Gas has submitted its application to the Italian Ministry of Economic Development (MSE) for an offshore production concession over the Ombrina Mare field offshore Italy.

Offshore staff

LONDON -- Mediterranean Oil & Gas has submitted its application to the Italian Ministry of Economic Development (MSE) for an offshore production concession over the Ombrina Mare field offshore Italy.

The company estimates that the technical and environmental approval process should be completed by 1Q or 2Q 2010 and that the production concession should be granted by 2Q or 3Q 2010.

The Ombrina Mare production concession application covers an offshore area of approximately 150 sq km (58 sq mi). The FDP has been designed to produce the 20 MMbbl and 6.5 bcf of certified 2P oil and gas reserves from the field, the company says. The proposed development has a single production platform, 2dir producer well location, five development wells (including the already completed and suspended oil producer OM2dir) two of which will have a double completion for oil and gas, an FPSO designed for a maximum oil production of 10,000 b/d and to store up to 50,000 metric tons (55,000 tons) of oil, and a 12-km (7.5-mi) submarine gas pipeline to connect directly offshore the produced gas from the Ombrina Mare area to an existing gas production plant.

Oil and gas production from the main Ombrina Mare field should progressively reach 5,000 to 7,500 b/d of oil and 3.5 MMcf/d of gas, the company says. Production is scheduled to start in late 2011 once all of the development wells have been drilled and the production facilities are in place.

The company has submitted an additional and contingent development plan in the application for the oil and gas production concession. The additional plan is directed at obtaining the approvals to appraise and explore the additional contingent and prospective oil and gas resources identified inside the production concession area, once the main Ombrina Mare field is in full production.

12/24/2008

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