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Transmeridian: Transportation and Marketing Companies in the area of the South Alibek Field utilize both the KazTrans Oil and Russian Transneft pipeline system to transport crude oil to regional hub export locations such as Samara, Ukraine and the Port of Odessa on the Black Sea and European locations such as Poland, Hungry, Lithuania, Germany and Finland. Pipeline capacity in the area has significantly improved with the opening of the Caspian Pipeline Consortium ("CPC") pipeline, raising capacity from 250,000 barrels oil per day ("bopd") to an expected 800,000 bopd. Two oil pipelines currently service the nearby producing fields, Kenkiyak and Zhanazhol, with capacities of 50,000 bopd and 93,000 bopd, respectively. One of the pipelines is operating at less than full capacity. These pipelines transport oil to the Bestamak rail terminal and the oil refinery in Orsk, which is a transfer point for swaps to Western markets. The Alibekmola Field, adjacent to South Alibek, has begun commercial production, and KazTrans Oil is constructing a pipeline across our license area to connect Alibekmola production to its pipeline at the Kenkiyak Field. We will have access to this pipeline, subject to capacity limitations. In the future, we may also be able to access the CPC pipeline by rail or through a planned 280-mile pipeline from Kenkiyak to Atyrau to be constructed by KazTrans Oil. The capacity of this pipeline would be about 300,000 bopd and would provide an alternative routing for our production. Our current plans do not rely on entry in the CPC system for its export and sales routes but this facility provides a feasible alternative. All economic estimates assume the utilization of trucking, pipeline and rail facilities located within 35 miles of the field. Prior to completion of pipeline facilities, our production will be transported by truck for sale into the local market or for rail shipments to export markets, depending on pricing available at the time. During 2002, we advanced $338,730 to Emba Trans Ltd. which was used to acquire the Emba Terminal. The Emba Terminal is a facility for storing and loading crude oil for shipment by rail. It is located approximately 35 miles from the Field. The terminal has not been operational for several years and will require an estimated $1.5 million in capital expenditures to make it suitable for our use. We may also use the terminal to ship crude oil for third parties if we do not require all of the capacity. Of the advances, approximately $60,000 was used to fund an engineering study, which included the development of plans for bringing the terminal into operational status. The Emba Terminal is intended primarily for use as an interim solution to sell our production prior to the completion of pipeline and processing facilities. However, it will also serve as an alternative transportation outlet if our pipeline capacity is constrained. As of December 31, 2002, ownership of Emba Trans Ltd. had not been legally transferred to the Company, but we are working to complete the transfer of title. We expect to own 100% of the legal title to the entity, of which 75% is expected to be held by Caspi Neft. |
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| aus der Diskussion: | Transmeridian Exploration - Kürzel : TMXN |
| Autor (Datum des Eintrages): | JosedelaVega (21.05.03 16:13:37) |
| Beitrag: | 84 von 3,850 (ID:9518698) |
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