PetroEnergy sets $ 22.5 M for Mindoro oil drilling
Friday, January 26, 2007
By JAMES A. LOYOLA
The Petronas-led consortium drilling service contract 47 in offshore Mindoro will spend $ 22.5 million to test the Kamia Prospect (formerly the Cherry Prospect) sometime in March or April 2007.
In a disclosure to the Philippine Stock Exchange yesterday, consortium member PetroEnergy Resources Corporation said the cost of drilling the well will be fully funded by PETRONAS.
The other members of the Consortium, namely: PNOC-Exploration Corporation (19.4 percent), PetroEnergy Resources Corporation (0.4 percent) and Basic Petroleum (0.2 percent) will be carried free up to the drilling of this well.
PetroEnergy chief information officer Arturo Maulion said the proposed well, Kamia 1, is programmed to be drilled to a depth of 1,500 meters in around 160 meters of water. The prospect has a resource potential of around 158 million barrels of oil.
PetroEnergy earlier reported that oil production has begun last January 16 from its Avouma Field located within Etame Block of Gabon in West Africa.
"The first oil of the two wells drilled to develop the field has been placed on a production test and is currently flowing at approximately 5,500 barrels of oil per day," said Maulion.
He said this well will be tested for seventy two hours, then shut in to gather pressure data, at which time the second well will be brought on stream for testing. Following completion of the second well test, both wells will be placed on production.
The oil flowing from the Avouma field is being loaded aboard the Etame Floating Production, Storage and Offloading (FPSO) facility via a 10-mile-long pipeline, said Maulion.
Construction of the last phase of the pipeline was completed last week with the installation of a flexible riser to connect the pipeline to the FPSO.
Avouma supplements production from nearby Etame Field, where oil production continues at the rate of approximately 15,800 barrels of oil per day. It is the second field on the Etame Block to begin production.
posted by philpower @ 1:29 PM,
