Page 7 - AsianOil Week 33

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SOUTH ASIA AsianOil
and Mangalore Refineries & Petrochemicals Ltd (MRPL), intended to expand its process- ing capacity to around 90-100mn tpy (4.5- 5mn bpd).
e o cials added that ONGC planned to invest in a 5-10 GW renewable energy portfolio with a focus on o shore wind.
ONGC has been under increasing pres- sure from the government to reverse declin- ing oil production in recent years. Output in the first three months of 2019-2020 shrank by 5% to 5.14mn tonnes (414,000 bpd). This
has prompted it to plan INR830bn ($11.59bn) worth of investments in 25 major projects to add another 180mn tonnes of oil equivalent of accu- mulative production.
ONGC is not alone in its upstream strug- gle, with the rest of the country’s producers also struggling with mature elds and a lack of major new discoveries. National crude production fell more than 4% in 2018-19 to 34.2mn tonnes (687,000 bpd) of crude, according to Ministry of Petroleum and Nat- ural Gas data released in July.™
SOUTHEAST ASIA
Conrad hires rig for two wells offshore Indonesia
PROJECTS & COMPANIES
INDONESIA-FOCUSED Conrad Petroleum has contracted a jack-up drilling rig for a two- well programme at its Duyung production-shar- ing contract (PSC) a er securing government approvals for the development earlier this year.
UK-listed junior partners Empyrean Energy and Coro Energy revealed on August 19 that the Singapore-listed developer had chartered China Oil eld Services Ltd’s (COSL) Asian Endeav- our-1 rig to drill both wells. e rig is expected to leave COSL’s yard in Shanghai soon for Singa- pore, where it will wait until it is mobilised to the rst location in late September 2019.
Conrad has a 75% operated interest in the Duyung eld, which lies in the West Natuna Basin, while Coro owns 15% and Empyrean holds the remaining 10% stake. e eld is located close to the West Natuna Transportation System (WNTS) gas pipeline, possibly opening the door to gas sales into the Singaporean market.
The programme is anticipated to cost the partners $17-19mn on a fully tested basis, including rig mobilisation and de-mobilisation.
e rst well, Tambak-1, will test the Tambak prospect beneath the central area of the Mako gas eld and evaluate the intra-Muda sandstone reservoir, which lies at an estimated depth of 385 metres below sea level in the eld’s southern area.
e well is to be drilled to a total depth of 1,370 metres sub-sea.
e joint venture partners believe the Tam- bak prospect is a three-way dip closed inverted anticlinal structure that covers around 15 square km, has a 45% chance of technical success and a mid-case resource potential of around 250bn cubic feet (7.08 bcm).
Tambak-2, meanwhile, will also appraise the intra-Muda sandstone reservoir and the well is expected to be drilled to a total depth of around 595 metres below sea level. It should take 33 days to drill, log, core and evaluate the well.
e well will be the most southerly test of the Mako eld and represents a “signi cant step out” from the Mako South-1 well, which lies 13.5km to the north-east.
An independent review estimates gross 2C resources of 276 bcf (7.82 bcm) of recov- erable dry gas in the Mako eld, with gross 3C resources of 392 bcf (11.1 bcm) representing additional upside.
Empyrean CEO Tom Kelly said: “ e main aim of the drilling is to appraise the Mako gas discovery and convert the current 3C resources into 2C resources. is alone would increase the value signi cantly at Mako. Any new discovery at Tambak would be an absolute bonus.”™
Week 33 21•August•2019 w w w . N E W S B A S E . c o m P7