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Spanish supermajor Cepsa has announced that it has been given official authorisation by the Algerian National Agency for the Promotion of Hydrocarbon Resources (ALNAFT) to develop the Timimoun gas field in the south-western area of the north African state.
In a statement released to the press, Cepsa said the Timimoun field will be developed as part of a joint venture with Sonatrach and Total. The forecasted investment for the project is US$1 billion and will involve the drilling of around 40 wells.
“The authorisation granted by the Algerian authorities marks the end of the exploration phase, begun in 2003, which included the drilling of 6 wells,” the statement said.
“Throughout last year, studies were conducted to determine the commercial feasibility of the area and the results materialized in a development plan, approved in early 2009, that includes the drilling of roughly 40 wells,” it added.
The statement also said that the investment capital will be spent on the starting-up production of 8 structures covering an area of 2500 square kilometres, the performance of seismic surveys, the drilling of wells, the construction of gas treatment facilities and the hook-up to Sonatrach´s pipeline infrastructures.
The field is due to come on-stream in 2013, with an average output volume of 5 million cubic meters per day (1.6 BCM/y).
Cepsa has and11.25% interest, Sonatrach 51% and French supermajor Total taking a 37.75% interest.
