Page 8 - AsianOil Week 11 2021

AsianOil SOUTHEAST ASIA AsianOil

Advance reveals potential

of Timor Leste farm-in

PROJECTS & ISLE of Man-based junior Advance Energy has from a peak of 45,000 bpd from two wells to
COMPANIES provided some compelling numbers about the 4,000 bpd, has a certified gross 2C contingent
proposed Buffalo oilfield redevelopment pro- resource of 34mn barrels of oil.
ject offshore Timor Leste, as it tries to convince Advance said once the farm had been com-
investors to help fund its farm in to the acreage. pleted, the partners would move on to secur-
The company revealed last week in an inves- ing a jack-up rig in the first half of this year,
tor presentation, which is designed to help it with Buffalo-10 to be spudded in the second
raise $30mn before the end of March, that it half. Drilling will take around 30 days to com-
expected production from the shallow-water plete with the well expected to reach a depth
Buffalo field to reach 40,000 barrels per day in its of 3,400 metres.
first year of production. Advance said the project would have a three-
Australia-listed Carnarvon Petroleum, which well development, requiring either a four-slot
operates the project, signed a binding agreement wellhead platform (WHP) and leased floating
with Advance in December 2020 under which production and offloading (FPSO) vessel or a
the latter agreed to fund the drilling of the Buf- leased mobile offshore production unit (MOPU)
falo-10 well up to $20mn on a free carry basis in MOPU and floating storage and offloading
exchange for a 50% interest in the project. (FSO) vessel.
Advance will also be responsible for secur- Advance expects to produce 63% of the field’s
ing funding for 100% of the project’s estimated reserves in the first two years of development,
$125mn development budget until first oil has with Buffalo’s productive life projected to last
been delivered. At that point, the company will five to six years. First year gross free cash flow,
receive full remuneration. meanwhile, is projected to reach $276mn based
Buffalo, which was decommissioned by BHP on international oil prices of $50 per barrel as
Billiton in 2004 when production had fallen wells as the use of a 30,000 bpd MOPU.™

EAST ASIA

CNPC starts up first

hydrogen station

PROJECTS & STATE-OWNED China National Petroleum The station will serve fuel cell vehicles during
COMPANIES Corp. (CNPC) has announced the start-up of the 2022 Beijing Winter Olympics, which has
its first ever hydrogen refuelling station in Hebei already attracted a raft of similarly hydrogen-re-
Province. lated agreements over the last year.
The country, which is China’s largest oil and Air Liquide, for example, signed an
gas producer, said on March 16 that the station agreement with Zhangjiakou Jiaotou Hydro-
had become officially operational in the Tai- gen and New Energy Technology in April
zicheng Service Area, Chongli. 2020 for the supply of hydrogen equipment

P8 www. NEWSBASE .com Week 11 18•March•2021