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Bulgaria's Galata gasfield to go onstream in June
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The Galata platform. |
(5/24/2004 - OGI: London) Melrose Resources said today it has completed the
repairs required on its export line and successfully tested it so that the
delayed startup of the Galata Gas Field may proceed. Located in the Black
Sea offshore Bulgaria, the field was set to go on production more than a
month ago.
Melrose said the faulty weld section has been repaired and the pipeline
pressure tested up to the full operating pressure of the line. "We will now
commence displacement of water in the offshore pipeline using the gas
already in the onshore line. This is expected to take a further ten days,
with first gas commencing at the beginning of June. Average daily production
is expected to be 40 million cf/d, with a peak of 53 million cf/d in by
yearend.
Robert Adair, Melrose's chairman, said, "Completion of the Galata gasfield
development, which will represent a very significant source of cashflow to
Melrose, is a major milestone for us as an international operating company.
The platform has been designed with considerable flexibility to allow
production capacity of up to 120 million cf/d to enable us to tie-in further
discoveries and to convert the Galata Gas Field to a gas storage facility at
a later date. We are now stepping up our exploration activities on Block
91-III and Block Kaliakra 99 where we have a number of drillable prospects
which offer the potential to significantly enhance shareholder value."
Melrose has a 100% working interest in the Galata Production Concession,
which is said to contain proven reserves of 65 bcf and proven and probable
reserves of 90 bcf.
Click here for earlier report.
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