Bligh Hits Offshore China
The well was positioned about 80 meters down dip from the high point of the structure, which has a large stratigraphic component. Pressure readings suggest that the oil-water contact could be quite close to the bottom of the oil column in the well. The well is currently being plugged and abandoned as an oil discovery, the commerciality of which will require further study. Other sands were encountered in the well and were water-bearing, although there were indications in at least one of those of further oil up dip.
The discovery has upgraded the area in general, especially a comparable, but potentially much larger, prospect about five kilometers to the southeast. The Joint Venture is currently considering its overall forward strategy, but on the basis of the well results, Bligh is encouraged to proceed into the next Permit Term. Bligh has a 40% interest in Block 22/12 and is operating the drilling of the well. The other participants are: Petsec Energy Limited with 25%; Roc Oil Company Limited with 25%; First Australian Resources Limited with the remaining 10%.
Commenting on the discovery, Bligh's CEO, Mr Brent Emmett, said: "We are encouraged by the results of this well for a number of reasons:
- Generation of oil, as well as the presence of good quality reservoirs and sealing shales, have been clearly demonstrated.
- The pre-drill seismic prognosis was confirmed by the drilling results. We believe that this proves the value of the existing 3D seismic as a mapping tool and provides considerable incentive to further utilize the seismic to develop targets for future exploratory and appraisal drilling.
- The well was drilled to the objective quickly - less than 10 days - and trouble free. The above ingredients, plus shallow waters and nearby infrastructure, give us great encouragement to more fully explore and develop this area with the China National Offshore Oil Corporation and our co-venturers."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call