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Petsec Energy announces supply contract

Published by , Editorial Assistant
Tanks and Terminals,

Petsec Energy (the company) is pleased to announce the execution of a contract for the manufacture and delivery of oil tanker loading equipment to be installed at the An Nagyah Central Processing Facility (CPF) within the company's Damis Block S-1 Production Licence in Yemen. The purchase of the oil loading hardware is a key component of preparations for the restart of production and delivery of crude via a trucking operation from the company's An Nagyah Oilfield in Yemen.

The dual-sided truck loading facility will be manufactured by leading US engineering firm S&S Technical, Inc. and has an expected delivery schedule, to the Middle East, of approximately three months. The equipment includes a pumping and metering system with a loading capacity of 5000 bpd of oil and includes associated safety equipment. There is the potential to increase the loading rates should the company determine this is required once trucking operations have commenced.

The company continues to focus on delivering the remaining requirements necessary for the restart of production at An Nagyah, including a crude transport trucking contract, a pipeline access and storage agreement and a crude purchase and lifting agreement. Management expects successful negotiation of these agreements to be completed in the coming months.

Initial production at the time of restart of the An Nagyah Oilfield is expected to be of the order of 1000 bpd ramping up to 5000 bpd within the first month of production. Trucking operations are expected to deliver this crude to export terminals on Yemen's southern coastline on the Gulf of Aden.

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