Sunday, 25 April 2010

New oil field ready in Q2

by Alena Mae S. Flores
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/april/24/business1.isx&d=2010/april/24

Nido Petroleum Ltd. of Australia is set to put the Tindalo oil field into commercial production within this quarter with the arrival of a drilling rig in northwest Palawan next week.

Nido Petroleum said in a disclosure to the Australian Stock Exchange Friday that the Aquamarine Driller rig completed a stopover in Singapore and was now headed to the Tindalo oil field.

“The rig will be offloaded... and towed to the Tindalo location by the support vessels Pacific Battler and Pacific Challenger,” said Nido Petroleum deputy managing director Joanne Williams.

She said the company had mobilized key personnel and equipment to join the rig at site off northwest Palawan. “All other equipment is ready for service and completing its mobilization to site on schedule,” she added.

Nido Petroleum owns a 42.4- percent interest in the Tindalo exploration block covered by Service Contract 54-A. Kairiki Energy Ltd., another Australian company, holds 30.1 percent while Trafigura Ventures III BV, one of the largest independent trading commodity firms, owns 15 percent. TG World Corp. holds the balance of 12.5 percent.

Nido Petroleum earlier said it expects to draw first oil of around 7,000 to 15,000 barrels per day from the Tindalo field. It said it was investing $20 million to bring the first well into production.

Nido Petroleum discovered the Tindalo-1 well in October 2008 before plugging it for future production. It said the Tindalo field had estimated recoverable oil reserves of 5.1 million barrels.

Nido Petroleum owns a 22.879 percent in the oil-producing Galoc oil field within SC 14, also off northwest Palawan. Galoc started production in October 2008.

Nido Petroleum in February awarded two contracts for the supply of major equipment required by the Tindalo oil field development project.

It signed contracts with Knutsen Shuttletanker Pool AS for the floating storage and offloading vessel and Weatherford Asia Pacific Pte. Ltd. for the production processing equipment.

Williams said the awarding of the contracts kept the company on track to deliver first oil by the second quarter.

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