Friday, January 15, 2010

Premier sticks to October gas delivery from Gajah Baru

UK-based Premier Oil Plc said fabrication of both the wellhead platform jacket and deck for Gajah Baru field, where the company is the operator, continues in Batam Island. Thr project was 33% complete at year-end for the construction phase, slightly ahead of schedule. 
Premier has 28.67% participating interest in the block. "Development well drilling is scheduled to commence in October 2010 and the project remains on track to deliver first gas by October 2011 to meet the terms of the gas sales contract," Premier told its investors.
How about North Sumatra block where Premier has 41.67% shares? "Following completion of the FEED studies in 2009, work continues on optimising the project prior to EPCI bids. The required Ministerial Decree relating to a number of PSC extensions, including this block, remains unsigned; the delay is impacting the project schedule although first gas is still scheduled for 2012 from Alur Rambong and 2013 from Alur Siwah," Premier said.
How about the exploration program?
On Tuna block, Premier claimed the 3D seismic interpretation is almost complete. "Prospect selection will follow ahead of drilling of two wells anticipated in the third and fourth quarters of the year. Prospect maturation is also currently underway for the Buton Block, also in Indonesia, where a well is planned for the fourth quarter with results anticipated in 2011."
Premier owns 65% in Tuna and 30% in Buton.
How about its performance last year?
Bad weather conditions delayed the tie-in of the new FPSO on Kakap, resulting in continued weak performance from that field. "However, with Singapore gas demand remaining strong, lower gas volumes from the Kakap field were compensated to a large extent by additional production from our Anoa field," Premier argued.
Production in Anoa increased slightly to 8,800 boepd, while Kakap declined to 2,200 boepd last year. As a result, Premier's working interest production in Indonesia declined to 11,000 boepd last year from 11,700 boepd in 2008.

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