Australia-listed Nido Petroleum Limited reported on the results of an independent reserves assessment of the West Linapacan ‘A’ oil field in north west Palawan Basin off the Philippines as at June 30 that was undertaken by Gaffney Cline and Associates (GCA) for the Service Contract (SC) 14C2 Joint Venture.
The total West Linapacan ‘A’ field 1P (Proved) Reserves were at 9.6 million stock tank barrels (mmstb), while 2P (Proved plus Probable) and 3P (Proved plus Probable plus Possible) Reserves were estimated at 16.51 and 21.03 mmstb, respectively.
“I am extremely pleased with the outcome of the assessment: The independent assessment of reserves represents a significant step-forward in the potential redevelopment of the West Linapacan ‘A’ oil field," Nido’s Managing Director Phil Byrne said in a press release.
"I ... look forward to working closely with the operator to identify the most attractive development solution for the field and make a final investment decision at the earliest opportunity. Furthermore, I am also looking forward to the results of GCA’s review of the nearby West Linapacan ‘B’ discovery, which has the potential to be developed in conjunction with the West Linapacan ‘A’ field, depending on the outcome of the review.”
The West Linapacan ‘A’ oil field, operated on behalf of the SC 14C2 Joint Venture by RMA (HK) Limited, is considered as a potential re-development project by the Joint Venture using modern horizontal drilling and completion technology.
The West Linapacan ‘A’ field produced 8.5 million barrels between 1992 and 1996 before being shut-in due to the low oil price, high operating costs and technical considerations.
The SC 14C2 Joint Venture is ready to commence front end engineering and design (FEED) work in order to reach a potential investment decision for the block.
Nido said all future production from the West Linapacan ‘A’ field will come from new wells and facilities, with first production targeted for 2015.
The West Linapacan A Re-development, based on a phased approach and using leased equipment where possible, envisage drilling two horizontal, dual-lateral, subsea development wells tied back to a Floating Production System (FPU). Crude oil sales will be by ship-to-ship transfer from the FPU to a shuttle tanker.
The development plan is still being optimized and has not been submitted to the Philippines authorities for approval.
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