Conoco says recent discovery may be developed to produce 60,000 BPD

US oil gas firm Conoco Inc. had recently made significant oil discovery within its offshore Natuna Block B production-sharing contract (PSC) area and the discovery could be developed to flow 60,000 barrels per day.

Conoco Indonesia president Patrick L. Meyer told Petromindo.Com on Wednesday that the discovery was made after drilling the Kerisi 3 and 4 appraisal wells.

?Our initial intention to drill appraisal wells to evaluate earlier gas findings at Kerisi 1 and 2 exploration wells. But to our surprise, we found significant oil there,? he said.

Meyer did not say the amount of oil reserve located. He said the discovery was made between Setpember and October last year.

?Currently we are working on the plan of development (POD) to develop Kerisi oilfield, which we will submit to Pertamina. We are hoping to be able to bring the discovery on stream in 2005,? said Meyer.

Conco?s Natuna Block B is a huge oil and gas field supplying gas to Singapore starting June 2001 and is underway to deliver gas to Malysia starting August 2002. Gas supply to Singapore and Malaysia would peak at 140 million cubic feet per day (MMCFD), and 250 MMCFD, respectively.

Conoco is the operator of South Natuna Block B PSC with 40 percent working interest, while Japan?s Inpex and US giant ChevronTexaco hold 35 percent and 25 percent, respectively. (alex)