Sharjah Licence Round
Envoi has been engaged by Sharjah National Oil Corporation (SNOC), on behalf of the Sharjah Petroleum Council (SPC), to assist in the search for established E&P companies and investors to participate in their first ever Licence Round focused on the proven-producing thrust play that dominates the central part of the Musandam Peninsula and United Arab Emirates (UAE).
Sharjah is the third largest hydrocarbon producer in the UAE with three gas condensate fields comprising the large Sajaa, Kahaif and Moveyeid fields. Discovered in the late 1970s and 1980’s by Amoco (which merged with BP in 1998) their combined initial reserves are estimated to have been more than 5 TCF equivalent plus associated condensate. In 2013 the production licence expired resulting in SNOC taking control of the fields.
Production decline has left significant capacity in the established surface infrastructure and processing plant which provides immediate access to the growing local UAE, energy hungry markets. Any new resources discovered can therefore be commercialised rapidly as SNOC guarantees to purchase any new gas-condensate discovered that can be fed into their processing facilities.
Sharjah has developed new fiscal terms which ensure that even modest resources can be commercialised whilst larger accumulations will also generate very positive returns for investors.
SNOC’s extensive data includes the new 2016 851 km² 3D seismic survey. The processing of this survey was completed in May 2018 and combined with the 2013 200km² 3D and key 2D legacy data, which covers the entire prospective Thrust Play Trend in Concession Areas A & B. The new 3D seismic is instrumental in unlocking the complex thrust structuring in the ongoing re-interpretation. This has potentially identified large new leads and prospects, whilst demonstrating that many historical wells drilled on old 2D were drilled off structure or missed the main Cretaceous Thamama carbonate reservoir in the complex thrusted geology.
SNOC is now seeking well-resourced E&P companies and investors for strategic partnership to accelerate the exploration and exploitation of the potential being identified by the new 3D seismic. Operatorship is available in Concession Areas A and C whilst SNOC will operate Area B with a non-operated interest available.