AWE sees first oil from AAL in 2017
Capex estimated at $800m
Wednesday, March 5 2014 - 03:58 AM WIB
ASX-listed firm AWE Ltd expects first oil from Ande Ande Lumut (AAL) oil field offshore Natuna in 2017.
According to the company?s presentation filed with the ASX earlier this week, final investment decision for the project will be made in 2014-15 following completion of the FPSO tender process.
The company added that FEED for the project?s well head platform had been substantially progressed.
The company estimated capital expenditure of US$800 million only to tap the 101 million barrels of recoverable oil K Sand reservoir. Another reservoir called G Sand has reserve of 35 million barrels of oil.
The company said in October 2013 that initial production from the field could exceed 25,000 barrels per day.
AAL is located in Northwest Natuna PSC. AWE holds 50 percent interest in the block with operator Santos Limited holding the balance.
Editing by Reiner Simanjuntak