GREY:ENGFF - Post by User
Post by
Columbus1494on Mar 16, 2013 6:44pm
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Post# 21140786
Sintez CEO confirmes "a lot of gas" at Kunene-1
Sintez CEO confirmes "a lot of gas" at Kunene-1 In this fresh article the CEO of Sintez confirmes they found "a lot of gas" at Kunene-1.He says Sintez was looking for oil but only found a lot of gas.That could explain why the russians were not prepared to continue as operator and why they didnt agree to the earlier work program to reenter Kunene-1.The JV are now going after Hartman were the migration analysis shows there is oil.Last year Jeff Greenblum was to speak at a gas conference,the title was if I remember something like "Energulf gas strategies in Namibia" but surprisingly he cancelled his speach.
https://www.oilandgaseurasia.com/news/exclusive-interview-sintez-ceo-andrey-korolev-speaks-out-greeces-depa-desfa-privatization/page/0/1
OGE: What happened in Namibia?
Korolev: We fulfilled in full the license requirements set by the government. We had gone into the project looking for oil, but after drilling we found only a lot of gas.
The project’s $80 million budget was set according to the terms of the license issued by the Government of Namibia. This was in 2008, just prior to the financial crisis.
Because of various problems, some related to Mother Nature and some related to the financial crisis, the project went bankrupt.
Additionally, several of our contractors had decided to use the situation to their advantage and tried to squeeze additional profit from the project and the drilling costs surged to approximately $150 million, twice the amount specified in the project budget.