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ROC revealed Friday that BC Petroleum, the company incorporated to operate and manage the Balai Cluster Risk Service Contract (RSC) in Malaysia, has started drilling the Spaoh-2 well at 1930 local time Thursday. At 0600 local time, the well was drilling ahead at 1,070 feet (326 meters).
Spaoh-2, sited in the Spaoh field offshore East Malaysia, will be drilled to around 8,892 feet (2,710 meters).
The Balai Cluster RSC consists of four fields: Balai, Bentara, West Acis and Spaoh. Petronas entered into a RSC for the pre-development and development of the Balai Cluster fields in 2011 with ROC and Dialog. Under the RSC agreement, ROC is expected to complete the pre-development phase for the fields by mid-2013. On successful completion of the pre-development phase and agreement on the economic viability of the fields, ROC will submit a field development plan, and progress to development of the fields.
There are currently two RSCs in place offshore Malaysia: the Balai Cluster RSC and the Kapal, Banang and Meranti RSC (KBM RSC). Malaysia announced Jan.25 that it has decided not to proceed with the award of the Small Field Risk Service Contract (RSC) for the Tembikai and Chenang Cluster.
RSC contracts from Petronas have drawn much interest among international oil exploration companies, given Malaysia's renewed focus on developing its domestic oil and gas assets.
Back in 2011, Petronas noted that it aimed to award four marginal fields per year. However, as only two RSCs have been dished out over the last two years, industry watchers say that Petronas could ramp up on its efforts on the RSC front, and look to award more contracts this year in order to meet its oil production targets.
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