Coastal Field Development Approved on Songkhla Field Offshore Thailand
Coastal Energy Company announced that it has received government approval of the Production Area Application for development of its Songkhla field in the Gulf of Thailand.
The PAA was approved by the Department of Mineral Fuels, the governmental agency responsible for Thailand's upstream petroleum industry, and covers an extended area of approximately 75 square kilometers which includes not only the Songkhla field, but several surrounding satellite features. The extended production area is significant in that it enables the company to fully exploit the prospects surrounding the primary Songkhla development without the need to apply for additional government approvals.
,p. As approved, the production area contains Proved, Probable and Possible reserves of 6.4 MMBO. It also contains eight identified oil prospects with potential oil in place of over 200 MMBO. Songkhla is expected to begin production in the fourth quarter of this year.The Songkhla field is scheduled to commence production in Q4, 2008 with production drilling expected to commence in August, 2008. Due to delays in the arrival of the Swiber Jackup-1 ("JU-1") rig, the Company has revised its drilling program to ensure first production from Songkhla is not affected by the rig delay.
"The approval of the PAA for Songkhla area development is an important step in the development of Coastal's first oil production from the Gulf of Thailand. We are fortunate to have been granted a production area of this size because it covers not only the proven Songkhla development, but also the eight identified prospects. This will allow us to expedite the exploration and development of these prospects and will significantly enhance the overall economics of the project. We are very pleased with this outcome," Coastal's Chief Executive, Randy Bartley said. "Due to the flexibility in our well scheduling, the JU-1 delay will not affect our projected fourth quarter first production from the Songkhla development. There will be sufficient time to pre-drill five to six development wells at Songkhla prior to platform arrival in late September 2008. Drilling of the Bua Ban appraisal wells is now scheduled to start in early 2009. Bua Ban has sufficient proved reserves, without additional drilling, to justify proceeding with platform and facility development. Drilling plans for the first nine Bua Ban wells will be late first and early second quarter 2009 to allow sufficient time to pre-drill the wells and to set platform and production facilities in late second quarter 2009."
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- 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
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension