• Nido Petroleum sees ‘chance of devt’ for Galoc

    0

    AUSTRALIAN firm Nido Petroleum Ltd. said that the mid-Galoc area of the Galoc field located in the waters off northwest Palawan has a “chance of development” as it contains 1C (low estimate) contingent resources at 6.2 million stock tank barrels (mmstb) on a gross basis.

    It said the 2C (best estimate) and 3C (high estimate) contingent resource estimates are 9.5 mmstb and 14.6 mmstb, respectively, on a gross basis.

    According to Nido, the contingent resource estimates for the Galoc oil field were based on the independent assessment conducted by Gaffney Cline and Associates (GCA).

    GCA has estimated a “chance of development” for the mid-Galoc development project, based on consideration of the key contingencies relating to this project, it said.

    It concluded its work with a review of the main Galoc Field production history, and by Galoc Production Company’s (GPC) latest simulation model forecasts and history-matching results.

    These were used as a basis for generating the production profiles that formed the basis of GCA’s resource estimates, Nido said.

    Contingent resources in mid-Galoc were estimated using a deterministic approach and in the 2C and 3C cases represent production volumes that extend beyond the current expiry date of the service contract.

    Independent contingent resources estimation, Nido added, is a key milestone in the plan to develop the mid-Galoc area of the field.

    Nido has a 55.88 percent working interest in the Galoc oil field while GPC owns 33 percent interest.

    The mid-Galoc oil accumulation is a northerly extension of the Galoc Field, located in Block C1 of Service Contract 14 (SC 14C1) in the Northwest Palawan basin.

    The mid-Galoc area is being considered as a potential development project using horizontal drilling and sub-sea completion technology.

    The operator, GPC, has recently completed an extensive technical review of the existing geological and production data from the Galoc field incorporating the mid-Galoc area.

    This resulted in new, integrated static and dynamic reservoir models which have underpinned the resource assessment undertaken by GCA.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.