ROME – Malta Oil, as subsidiary of Mediterranean Oil & Gas (MOG), has contracted Fugro-Geoteam to acquire 3D seismic data over part of the Area 4 license offshore Malta.
Fugro-Geoteam’s vessel R/V Geo Barents could start work tomorrow on the 30-day program, which involves acquiring 1,000 sq km (386 sq mi) of long-offset data.
Processing of 3D data will start immediately following survey completion with the aim of putting out results by end-March 2012.
Sergio Morandi, CEO of MOG, said: “We are hopeful that the seismic survey will identify further prospects in the area and make the drilling of an exploration more attractive.”
The Offshore Area 4 PSC covers a 5,700-sq km (2,200-sq mi) area which extends south from Maltese waters to the internationally recognized border with Libya.
MOG’s studies confirmed that the geology within the PSC area could hold petroleum systems related to the Tunisian and Libyan hydrocarbon plays and fields. Seismic studies and interpretation to date have identified four prospects and five leads with unrisked recoverable potential oil of around 1.5 Bbbl. The three most mature prospects are located in block 7, along the ramp setting of the Melita – Medina graben, close to the Libya Pelagic basin.