Conoco announces South Natuna oil, gas discovery
Monday, October 22 2001 - 02:21 PM WIB
Conoco said the well flowed oil at a rate of 2,580 barrel per day (BPD) and encountered 130 feet of oil-bearing zones in multiple reservoirs and results confirmed the existence of an oil leg, down dip from two successfully tested natural gas wells.
According to Conoco, the Kerisi-3 well increases potential gross recoverable oil in the Kerisi field by 30 million barrel of oil (MMBO), to a total 42 MMBO with approximately 10 MMBO net to Conoco. The field's estimated gross recoverable natural gas volume is 90 billion cubic feet (BCF), with approximately 32 BCF net to Conoco.
The Kerisi field is 15 miles north of Block B's Belanak field, which has gross recoverable reserves estimated at 530 BCF of natural gas and close to 100 million barrels of oil, condensate and LPG.
The company expects to cost-effectively fast-track development of the Kerisi field and produce it through the Belanak infrastructure, currently under development.
Once completed, the Belanak infrastructure will be a central production, gathering and processing hub for at least six surrounding Block B fields, including Kerisi. Conoco estimates more than 1.4 trillion cubic feet (TCF) of natural gas and 150 million barrels of oil, condensate and LPG will be produced from satellite field developments through the Belanak floating production, storage and off-take (FPSO) unit.
The South Natuna Sea Block B is operated under a production-sharing contract (PSC) with Pertamina, Indonesia's state oil company. Conoco is operator with a 40-percent working interest. Other interest holders in the block are Japan?s Inpex (35 percent) and ChevronTexaco (25 percent).
Conoco Indonesia Inc. Ltd., a wholly owned subsidiary, has interests in five PSC areas, including Block B, Northwest Natuna II Block, Tobong Block, South Sokang Block and Warim Block. Its acreage position totals 3.7 million net acres. Conoco Indonesia operates the producing Belida, Sembilang and Tembang fields, all in Block B. It also operates the West Natuna Transportation System, a sub sea pipeline that transports natural gas from three PSCs in the Natuna Sea to Singapore.
Conoco's acquisition of Gulf Canada included a 72-percent majority interest in Gulf Indonesia Resources Ltd., an independent oil and gas company headquartered in Jakarta, Indonesia, with onshore and offshore interests totaling 11 million gross acres. Now an indirect subsidiary of Conoco, Gulf Indonesia has upstream operations in Sumatra, East Java and the Natuna Sea. (alex)