Austral Pacific Revises NZ Reserves Estimates
Austral Pacific has revised its reserves estimates, in the process of preparing its annual reserves report. The Independent Reserves Evaluator's report, prepared by Sproule International Limited, estimates Austral's 69.5% share of the Cheal oilfield Proved and Probable oil reserves at 344mbo as at December 31, 2008.
The reserves revision has been driven by a number of factors including significantly reduced forward-looking oil price assumptions. Additional contributing factors include: lower oil volumes due to the reduced thickness of the oil bearing reservoir encountered in the Cheal-A6 well in June 2008, a reduced number of wells included in the model as a result of current market conditions, and a more conservative recovery factor based on the existing well performance over the past 12 months.
Austral CEO Thompson Jewell said, "It is Austral's view that the field retains its upside potential. We are evaluating the impact of stimulating the existing wells to improve both production rates and ultimate recovery per well. Given success in this optimization program, we will be looking for capital investment for a staged drilling campaign to expand the field and reserves.
"Austral is continuing to reduce the production costs for the field and is projecting an OPEX figure, including transport and marketing, of approximately $US19.20 per barrel produced through the first six months of 2009."
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension