JAKARTA (TheInsiderStories) - ZN Asia Ltd., the unit of Russia’ oil and gas company, Zarubezhneft, entered Indonesia by acquiring 50 percent of Premier Oil’ participating interest at Tuna block in Natuna Island. Premier Oil as the operator currently hold 100 percent of participating interest of the working area.
Head of the upstream oil and gas regulatory special task force (SKKMigas), Dwi Soetjipto, said last October, the Tuna Block field is getting closer to completing the exploration stage and a Plan of Development will be proposed soon. He hope the oil block will contribute the oil and gas production in the country.
Beside the economic aspect, he noted, the Tuna block field has a strategic geopolitical role, because it is located on the border of Vietnam and is close to the South China Sea. He added, the production sharing contract (PSC) of the project was signed and effective since March 21, 2007.
The operator has carried out 2D and 3D seismic acquisition activities also drilling North Sea Elephant-1 and Sea Eel-1 in 2011, Sea Horse-1, and Sea Lion-1 in 2014. The discovery of hydrocarbons in the Kuda Laut-1 and Sea Lion-1 wells which are structurally adjacent, was then named the Tuna field, with a resource of 104 million barrels of oil equivalent (2P), dominated by a gas that was high in condensate content with a CO2 content of less than 2 percent.
To increase the economic value of the Tuna block development, said Sutjipto, Indonesia is working with Vietnam, because the production facility is about 385 kilometers away from the neighboring country. Premier Oil and Vietnam Oil and Gas Group have signed a memorandum of understanding on the oil and gas delivery from Tuna block.
Earlier, Medco E&P Natuna, a unit of energy firm, PT Medco Energi Internasional Tbk (IDX: MEDC), announced has found commercial reserves in the West Belut-1 exploration well in the South Natuna Sea. According to official from SKKMigas, Susana Kurniasih, the producer has find hydrocarbon reserves through three exploration wells in the block.
“The results of the first test recorded that the Shrimp Formation reservoir interval was proven to flow hydrocarbons in the form of gas of 11.2 million cubic feet per day,” she said Oct. 15.
She asserted, these findings showed that in the Natuna’ natural gas potential is still promising and must be developed to accelerates undeveloped gas discovery towards 12 thousand million standard cubic feet per day in 2030.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
