The Tiof-6 well is intended to further appraise the Tiof oil discovery in the PSC-B lease and will continue the evaluation of the Miocene channel sand system within the Tiof field area as interpreted with 3D seismic. The joint venture partners include Australian companies Hardman, Roc and the operator Woodside.
The Tiof Discovery is located about 90km west of Nouakchott, the Mauritanian capital and 25km north of the Chinguetti Field. The Tiof-6 well is 3km west of the Tiof-1 discovery well and 1km east of Tiof-3. Water depth is about 1,200 metres.
Hardman acting chief executive Scott Spencer recently said results from Tiof wells drilled so far have indicated a probable reserve of between 300 million and 350 million barrels of oil. This is about twice the size of the nearby Chinguetti field, which is due to come on stream next year and should produce about 75,000 barrels a day.
Spencer said if the Tiof appraisal program went as expected, the partners would probably initiate a phased development.
Production would start at about 50,000 barrels a day in 2007, to generate early cash flow and make the most of booming oil prices, and build up to as much as 130,000 barrels a day. The total development cost would be about $1 billion, he said.
Participating interests in PSC-B include Woodside Group (operator) 53.846%, Hardman 21.6%, BG Group 11.63%, Premier Group 9.231% and Roc Oil 3.693%.
If Tiof proves successful the Mauritanian government is likely to exercise right to buy into the project as it has already on the Chinguetti project, Roc Oil managing director John Doran told EnergyReview.Net.
