Mitra Outlines Future Plans for its Upstream Business in Southeast Asia

Malaysia-based and Southeast Asia-focused Mitra Energy Inc. recently outlines its plans for its upstream business over the next one to two years as the company planned to become a significant regional exploration and production player, with a focus on the strong market demand for gas in the countries that it now operates.

The firm's strategies include moving its existing discoveries towards production into the energy-deficit markets of its host countries; collaborating with current and future farm-in partners to deliver carried high impact exploration drilling; and capturing material production assets in Southeast Asia, Mitra, which currently has operations in the Philippines, Vietnam and Indonesia, said in an announcement late last week.

In Vietnam, Mitra aims to aggregate gas resources in the Vietnam Malay-Tho Chu Basin and assist Vietnam Oil and Gas Group (PVEP) and government regulator Petrovietnam to accelerate the delivery of its gas resources to domestic demand centers. Mitra is working closely with its partners to bring the existing gas discoveries towards a Declaration of Commerciality with a view to selling the gas resources into Vietnam via the existing PM-3 pipeline infrastructure.

The firm operates three offshore Production Sharing Contracts (PSCs) in Vietnam, holding a 70 percent interest each in Blocks 45 and 46/07 and a 35 percent stake in Block 51. The company has gas and condensate discoveries in the area, known as the Malay Tho Chu Basin.

According to LR-Synergy estimates, the best contingent resources for the Nam Du Field in Block 46/07 is around 2 million stock tank barrels (MMstb) of oil and liquids and 168 billion standard cubic feet (Bscf). The corresponding estimates for the U Minh field in Block 51 PSC are 1 MMstb and 82 Bscf, while the Tho Chu field has approximately 6.5 MMstb and 260 Bscf. 

Turning to exploration, Mitra plans to acquire 193 square miles (500 square kilometers) of 3D seismic data at deepwater Block 127 in southern end of the Phu Kanh Basin, offshore Vietnam where it is the operator of the 3,475 square mile (9,000 square kilometer) acreage with a 100 percent interest. The acquisition of the 3D seismic data over the key prospects will facilitate the identification of drilling locations, before it seeks new partners to farm-in for a working interest in exchange for a carry on future drilling.

As for its 100 percent owned onshore Block MVHN/12KS, the firm plans to explore both conventional and unconventional reservoir targets in parallel in the forward work program. Mitra expects to complete ongoing resource evaluation work for the identified shale and tight gas resource plays later in 2015.

In the Philippines, Mitra indicated that operator Total E&P Philippines B.V. intends to embark on a 2D seismic acquisition program in offshore Service Contract 56, where the company holds a 25 percent interest. A minimum of 621 miles (1,000 kilometers) of 2D seismic data and 772 square miles (2,000 square kilometers) of high resolution seabed data will be acquired in the block to evaluate the additional prospectivity. Total revealed in August 2014 its plans to drill the Halcon prospect, probably during third quarter 2016.


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