Ophir planning gas field tieback in offshore Madura PSC

Ophir Energy has closed its acquisition from Santos of various producing assets in Southeast Asia.

Sep 13th, 2018

Offshore staff

LONDONOphir Energy has closed its acquisition from Santos of various producing assets in Southeast Asia.

Chief among these are the Premier-operated Chim Sao/Dua oil field in the Natuna Sea off Vietnam and the Madura Offshore and Sampang PSCs offshore Indonesia.

Madura Offshore and Sampang are both late stage assets but Ophir sees opportunities to tie in satellite fields and deeper reservoirs, extending the life of the existing production facilities.

One example is the Meliwis gas field in Madura Offshore, which will likely be developed with an unmanned wellhead platform tied back to the Maleo production platform.

A final investment decision will be taken shortly: the $70-million development should come onstream 12 months later, with peak production of 25 MMcf/d over three years before decline sets in.

Development will also extend the economic life of the Maleo field in the same PSC, allowing the partners to monetize an additional 7.6 bcf of contingent resources.

As for Ophir’s existing fields, the company expects to drill the Bualuang North exploration well next month in the Gulf of Thailand at a cost below $1.5 million on a post-tax (dry hole) basis, targeting 1-5 MMbbl of prospective resources.

If successful, the field would be tied back to the existingBualuang field production facilities.

Offshore Equatorial Guinea, Kosmos Energy is covering the cost of a 3D seismic survey across block EG-24, under a farm-in arrangement. This is currently 63% complete.

Ophir will also be part-carried on the cost of a well if a decision to drill follows.

Finally, following a strategic review the company is proposing to downsize its London headquarters and within 12 months establish an Asian-based HQ, serving as the hub for its ongoing business (and generating cost savings).

09/13/2018

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