Mediterranean Oil and Gas pleased with gas field progress

An oil industry giant has confirmed that its Guendalina Gas Field development programme continues to run to schedule.

Mediterranean Oil and Gas has now successfully completed the drilling phase at two development wells, Guendalina 2Dir and Guendalina 3 to depths of 3,290m and 3,164m respectively.

The company confirmed that all gas bearing levels have been identified and logged, with the wells now fully prepared for production.

Michael Bonte-Friedheim, chief executive of Mediterranean Oil and Gas, said that the company is "extremely pleased" about the level of progress in Guendalina.

"With regard to Malta, we are encouraged by the fact that a specialist explorer such as Dominion recognised the attractiveness of Area 4, which supports our own belief in the prospect," he said.

Recently, BP announced profits of $5.3 billion (£3.2 billion) for the three months to June 2011.

The higher oil prices are thought to offset the losses that the company made following the Deepwater Horizon disaster.