Concession Agreements In Oil And Gas
The service contract is the third basic form of oil exploration and production contracts. It was formulated in Latin America in the 1950s and then in the Middle East in the 1960s. The concept of this type is based on a simple formula that states that a contractor is paid a cash fee for the provision of the oil and/or gas extraction service and that all production is owned by HC or NOC. Oil accumulations in the Eocene deposits in the former NC 129 concession and in the very large Antlat oil pool, all located in western Cyrenaica, were loaded by geochemical analyses from organically rich slates at the edge of the Eocene, distal equivalents of Jalu limestone (see Figure 5.11). (Antlat`s filler was also derived from the Sirt slate kitchen of the Sirt tank, as shown by the hybrid oils of Antlats).41 This evidence of distal source rock fibers in the Luteto-Bartonian section provides an intraformational charging mechanism for Eocene carbon reservoirs. It is known that the Eocene contains good carbonate reservoirs, often nummuliotic. The Ypresian Jdeir nummulite Formation is the main reservoir of the Sabratah Basin. In the Gulf of Sirt, the reservoir potential is mainly in the newer part from Lutetian to Priabonian. For example, the Darnah Formation Reservoir of A-NC 202 off the coast of Binghazi is a nummulist limestone, riffing to solid, crystalline, limestone, with corals and algae that sometimes form depths.