RE: Georgian press2 Oct 2022 21:54
BLOCK ENERGY HAS COMPLETED THE EXPANSION OF THE WELL, THE COMPANY HOPES TO INCREASE OIL PRODUCTION
AUTHOR: NINO TABATADZE
Block Energy informed the investors about the successful completion of the expansion of the oil well (JSR-01) in Patardzeuli.
According to the information of the company, the drilling was carried out within the planned period and at a lower cost than the specified budget.
The well expansion is part of the launch of Project II, which is designed to estimate the 200 million barrel oil resource and accelerate production. This project is concentrated on block XIB in Patardzeuli, which is considered the most productive oil field in Georgia and from which more than 100 million barrels of oil have already been extracted.
In the license area where "Block Energy" operates, there is probably 16 billion cubic meters of natural gas deposits in the country.
As Giorgi Tatishvili, the head of the "State Oil and Gas Agency" said during his visit to the "Course of Business" in July, the license block requires horizontal drilling, and under the conditions of its utilization, the country will be able to fully meet the demand for eight years of natural gas.
"Block Energy" is one of our prospective projects, in the well drilled in Schlumberger, 16 billion cubic meters of reserves have been confirmed in the surrounding area. If you can imagine this, it is equal to the consumption of Georgia for 8 years.
Block Energy is returning to this project with a confirmed plan, expected to start late this year or early next year. Horizontal drilling should be done here to cover more rock and extract more commercial gas. At the same time, "Block Energy" is doing horizontal drilling in old wells, which has led to an increase in gas extraction by 80%," said Giorgi Tatishvili.
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