RMA West Linapacan Ltd. of Thailand is preparing the redevelopment of the West Linapacan oil field after signing a contract with Transocean Ltd. of Switzerland to drill an oil well off northwest Palawan.
RMA said in a report it also placed an order for the equipment required in the development of the oil field.
“Other major services tendered and contracts are ready for signing. Well trajectory and drilling program draft prepared. Subsea tree order placed with drill-equip for delivery in December 2014 to February 2015,” it said.
RMA said the contracts for the floating, storage and offloading vessels were ready for signing.
RMA is the operator of Service Contract 14 C 2 in West Linapacan lying in offshore northwest Palawan with a 29-percent stake. Other consortium members are Pitkin Petroleum Plc with a 29-percent interest and Nido Petroleum Ltd., which controls 22 percent. The balance is held by smaller oil exploration companies.
Nido Petroleum managing director Philip Byrne earlier said the SC 14 C 2 consortium might drill two or three wells to redevelop the West Linapacan A field.
He said the joint venture was considering a phased development, including a less expensive expandable early production system.
“The company is continuing discussions with its banks in order to upscale its available debt capacity to partly fund the West Linapacan A redevelopment [in addition to revenue from the Galoc field],” Byrne said.
Nido earlier bared plans to redevelop the West Linapacan oil field in northwest Palawan with production planned by the third quarter 2015.
He said RMA was finalizing the engineering design work for the project, “including securing key long lead drilling items, advancing discussions with FPSO [floating, production, storage and offloading vessel] and rig owners, and finalizing the field development plan.”
Nido earlier estimated that redeveloping the West Linapacan oil field would cost around $100 million.
Latest independent assessment by Gaffney Cline and Associates showed that the West Linapacan field had a potential ranging from 11.6 million stock tank barrels to 22.8 mmstb. The oil field has produced 8.5 million barrels from 1992 to early 1996 before it was shut-in.
West Linapacan A was discovered in 1990 and later reached peak a production rate of over 18,000 barrels of oil per day.
West Linapacan B, meanwhile, was discovered in 1993 and tests from the single well drilled on the structure flowed close to 2,900 bopd but it was never developed.
Read more: http://manilastandardtoday.com/2015/01/11/linapacan-oil-redrilling-readied/