Block Energy plc has upgraded internal 2C contingent recoverable resource estimates to 2.77tcf for the Rustavi and Teleti fields in Georgia.
PROSPECTIVITY
Project III focuses on the undeveloped gas-bearing natural fracture system within the Lower Eocene and Upper Cretaceous reservoirs – each more than a kilometre thick – across blocks XIB and XIF.
The company said that the new figure was combined with the independently audited 2C recoverable resources by Oilfield Production Consultants (OPC)’s report on Patardzueli-Samgori.
Block reviewed its internal estimates for the Rustavi and Teleti fields in line with OPC’s methodologies for Patardzueli-Samgori.
Each contingent resource report considers only gas volumes within the natural fracture system.
Block added that “upside exists” within the tight matrix in both the Lower Eocene and Upper Cretaceous reservoirs” with gas quality in all three fields having consistently high CH4 content and no H2S or CO2 detected from tests to date.
The company has developed fully costed appraisal programmes for all three fields with a near-term focus on Patardzueli-Samgori.
Chief executive Paul Haywood added said the revised resource figure had increased the company’s confidence in project III.
“The project has the potential for significant gas production rates: 200 MMcf/d for each of Patardzueli-Samgori and Rustavi at plateau, an additional 100 MMcf/d from Teleti, and 30 MMcf/d from early production facilities following the Patardzueli-Samgori appraisal campaign.
“The subsurface team has identified additional prospectivity within the area, which would add further running room to the long-term development of the project.
“The proximity of our fields to the South Caucuses Pipeline opens up competitive export opportunities in Turkish and southern European gas markets – including Italy and Greece – through the connection to the Trans Anatolian Natural Gas Pipeline and the Trans Adriatic Pipeline.”
Discussions on Block’s farm-out campaign continued with “a range of interested parties” while the company also looks at commercial carbon capture storage opportunities.