Matrix Oil starts N. Sumatra oil field final development phase
Monday, September 10 2001 - 06:06 PM WIB
According to the company?s announcement, the rig left Singapore on Sunday, 9 September and is currently en route to the Matrix? Langsa TAC, located in the Malacca Straits some 40km offshore North Sumatra.
?The tow to the Langsa TAC is expected to take 4-5 days to complete. The rig will then locate above the L Field for re-entry of the L-1 and L-2 suspended development wells before moving to the nearby H Field for re-entry and completion of the H-3 development well,? said PR Davies, Matrix? Technical Director.
Matrix expected each well would take approximately 15 days for completion and tieback.
Upon completion of the three well re-entry programs, the producing wells would be tied back and connected to a Floating Production Storage and Offtake (FPSO) vessel, the MV8 "Langsa Venture", said Davies.
Matrix acquired 90 percent working interest in Langsa TAC in January 2000.
The area was originally operated by Mobil which drilled three wells and discovered oil in the early 1980s. But production plans were shelved because of a downturn in oil prices at that time.
Matrix upgraded the reserve from 12.8 million barrels of oil (MBO) to 33.5 MBO after higher quality 3D seismic data became available.
Earlier, Matrix?s Managing Director, Brian Hockney, Langsa Tac would start production in November this year at the rate of 10,000 barrel per day (BPD) and should generate cash flows with gross annual revenue of US$70 million, if oil prices average US$20 per barrel. (alex)