Cobalt presses ahead with Cameia development offshore Angola
Cobalt International Energy (NYSE:CIE) expects to achieve formal sanction by year-end for its Cameia development project in block 21 offshore Angola.
HOUSTON – Cobalt International Energy (NYSE:CIE) expects to achieve formal sanction by year-end for its Cameia development project in block 21 offshore Angola.
Currently theCameia #4 well is being drilled, and development drilling will likely continue until early 2016. Cobalt anticipates start-up in 2018.
The company continues to focus on optimizing the Cameia production facility and subsea infrastructure design and costs to take advantage of favorable prices in the current market downturn.
Its current FPSO design is a nominal 75,000-b/d facility, with a likely production capacity of more than 80,000 b/d early in the field’s life. Cobalt re-affirms that the project economics remain sound.
In Angolan block 20, the company’s recent Orca #2 appraisal well and drillstem test results confirmed the presence of a large oil accumulation in the presalt Sag section.
Additionally, logging and sampling evaluation show oil is present in the deeper presalt Synrift reservoir.
Orca #2 is 7 km (4.3 mi) from the deepwaterOrca #1 discovery well drilled last year. It is the largest oil find in the Kwanza basin to date, Cobalt claims.
The partners plan further appraisal work to determine the structure’s development and production potential.