Petroceltic Gets Approval to Develop Algerian Gas Condensate Field
Petroceltic International has said that Algerian authorities have given their approval to the Plan of Development for the Ain Tsila gas-condensate field in the Illizi basin of Algeria.
“This follows the declaration of commerciality which was made on 8th August 2012, on completion of an agreement with Sonatrach to market all of the produced gas from the Ain Tsila field. The project can now move forward into the 30 year development phase of the licence”, the company said.
Petroceltic holds a 56.625% working interest in this field, with Enel holding 18.375% and Sonatrach 25%. Petroceltic remains committed to undertaking a further 18.375% farm down of its interest in this asset during 2013.
The approved plan of development will involve the production of gross reserves of 2.1 Trillion Cubic Feet of sales gas, 67 million barrels of condensate and 108 million barrels of Liquid Petroleum Gas. Development planning will commence in 2013 and first gas is scheduled for the third quarter 2017.