Premier updates Indonesian ops
Friday, January 14 2011 - 12:55 AM WIB
Current trading operations
Production
Gas production in Indonesia exceeded expectations and there was increasingly strong demand from Singapore. Block A's sales for the year averaged a record 160 billion British thermal units per day, a share of approximately 45% of deliveries, against a contractual share of 37%, under the existing Singapore gas sales contract.
Working interest production by region
Estimated full year 2010 (kboepd) |
Full year 2009 (kboepd) | |
Indonesia: |
||
Anoa |
9.2 | 8.8 |
Kakap |
2.4 | 2.3 |
| 11.6 | 11.1 |
Oil and gas pricing
The average Brent oil price for 2010 was US$79.5 per barrel (/bbl) (2009: US$61.7/bbl), with Premier?s oil production selling at an average US$0.20/bbl premium to Brent. The weighted average of realisations for the year was in line with average pricing for the year.
Average realised gas prices for our principal gas producing areas for 2010 were:
| US$/mcf | 2010 | 2009 |
Indonesia |
13.9 | 11.0 |
Development assets
Gajah Baru (Natuna Sea Block A, Premier 28.67%, operator)
At year-end, the project was 74% complete, on budget and on schedule for first gas in line with the contract schedule on 1 October. Development drilling continues according to schedule and is planned to complete in February. The Central Processing Platform construction is progressing satisfactorily ahead of the jacket load-out planned for May. Modifications to the Onshore Receiving Facility are on track for first gas date.
Pre-development assets
North Sumatra (Block A Aceh, Premier 41.67%)
Preparation on the invitations to tender for the EPCI contract have continued and their issue is imminent. First gas is expected in mid-2013.
Pelikan/Naga (Natuna Sea Block A, Premier 28.67%, operator)
Geotechnical surveys have been completed. Front End Engineering and Design (FEED) for the wellhead platforms, for the pipelines and for the subsea work has commenced. The project plan envisages first gas from both fields in late 2013 with gas being sold under the existing contracts to Singapore and Batam.
Exploration
Exploration and appraisal programme
| 2011 programme | ||||
Country |
Well name |
Estimated timing |
Licence interest (%) |
Reserves range1 (mmboe, gross, low-mean-high) |
Indonesia |
Gajah Laut Utara | Q2 2011 | 65.00 | 65-160-350 |
Indonesia |
Belut Laut | Q2 2011 | 65.00 | 40-90-200 |
| Indonesia | Benteng-1 | Q2 2011 | 30.00 | 35-100-300 |
Indonesia |
Anoa Deep | Q3 2011 | 28.67 | 9-11-17
|
| Indonesia | Biawak Besar | Q3 2011 | 28.67 | 13-15-17 |
Note: 1= where technical work has been completed to define ranges and mean |
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The two-well drilling campaign on the Tuna Block is now scheduled to commence later in the first quarter after the CRD appraisal in Vietnam has been completed.
The Benteng-1 well on the Buton licence is scheduled to spud in April 2011. (end of edited excerpt)