Indonesia Petro Project_FI022Project Financinng Analysis
Background
The block Telaga Said-Darat, located in southwestern of North Sumatra Basin, is the oldest oilfield in Indonesia, with total area of 82 km2. It was firstly discovered in 1883, with the development history of fifty years. Oil and gas exploration and development mainly depends on surface geological surveys. In the absence of any modern seismic exploration and logging techniques, oil and gas structural traps were found in the field and produced with outmoded drilling and oil extraction technology. The cumulative oil production of blocks Telaga Said and Darat reached 2335 million barrels before abandonment as the outbreak of war in 1937.Alpha
Until 1960s and 1990s, the Indonesian National Oil Company (hereinafter referred to as Pertamina) and Mobil Oil Company jointly drilled two deep exploration wells; from year 1977 to 1995, Pertamina has carried out 2D seismic exploration and research , drilled four deep exploration wells, through which they basically figured out sedimentary characteristics and stratigraphic features of the field, found out Baong formation and its underlying strata with favorable reservoirs, during which period no systemetic re-exporation and development was conducted.
During 2002-2012, contractor made secondary development of Telaga Said Darat oilfield. 13 development wells were drilled, among which 9 were put into production as oil well, with a total oil production of nearly 40 thousand barrels, and re exploited 12 old wells abandoned in 1937 with 18 thousand barrels of crude oil production. There were totally over 58 thousand barrels of crude oil produced from newly drilled development wells and recovery wells. 130 years of oil and gas discoveries, more than 50 years of early development, over 60 years of intermittent exploration, and 10 years of secondary recovery, all show that people have great expectation of new breakthroughs and new discoveries in this field.
Feasibility Study
1. Study Basis
All the
The block Telaga Said-Darat, located in southwestern of North Sumatra Basin, is the oldest oilfield in Indonesia, with total area of 82 km2. It was firstly discovered in 1883, with the development history of fifty years. Oil and gas exploration and development mainly depends on surface geological surveys. In the absence of any modern seismic exploration and logging techniques, oil and gas structural traps were found in the field and produced with outmoded drilling and oil extraction technology. The cumulative oil production of blocks Telaga Said and Darat reached 2335 million barrels before abandonment as the outbreak of war in 1937.Alpha
Until 1960s and 1990s, the Indonesian National Oil Company (hereinafter referred to as Pertamina) and Mobil Oil Company jointly drilled two deep exploration wells; from year 1977 to 1995, Pertamina has carried out 2D seismic exploration and research , drilled four deep exploration wells, through which they basically figured out sedimentary characteristics and stratigraphic features of the field, found out Baong formation and its underlying strata with favorable reservoirs, during which period no systemetic re-exporation and development was conducted.
During 2002-2012, contractor made secondary development of Telaga Said Darat oilfield. 13 development wells were drilled, among which 9 were put into production as oil well, with a total oil production of nearly 40 thousand barrels, and re exploited 12 old wells abandoned in 1937 with 18 thousand barrels of crude oil production. There were totally over 58 thousand barrels of crude oil produced from newly drilled development wells and recovery wells. 130 years of oil and gas discoveries, more than 50 years of early development, over 60 years of intermittent exploration, and 10 years of secondary recovery, all show that people have great expectation of new breakthroughs and new discoveries in this field.
Feasibility Study
1. Study Basis
All the