Malaysian-based Genting Oil and Gas Pte. Ltd. has found new oil deposits at two exploration wells in the offshore Northwest Natuna field, an official said Tuesday, while highlighting that the block still contained good prospects for further oil exploration.
The director general for upstream commercial oil and gas development at the Energy and Mineral Resources Ministry, Priyono, said that the company had found oil in two wells, Ande Ande Lumut-2X and Ande Ande Lumut -3X, which produced a flow of 1,700 barrels per day.
He added that Genting had also found gas and condensate at its Anambas-1X well. Tests showed that Anambas produced condensate at a rate of 488 barrels per day and gas at a rate of 15.6 million standard cubic feet per day (mmscfd), he said.
Genting CEO T.S. Ong said the field was expected to enter into production in between 18 and 24 months after the firm had conducted further studies and submitted the result to the Upstream Oil and Gas Regulator (BP Migas).
Priyono said the discovery proved that the Northwest Natuna block still held out good prospects for oil exploration. "We know that the site had been ignored by other oil companies, but the discovery has proved that with the right technology, the oil can be found."
Genting became the operator of the site in 2004, after its previous operator, Premier Oil, returned it to the government as it failed to find economic oil deposits.
Genting is the 100 percent owner of the field.
According to the latest estimates from the ministry's oil and gas directorate general, the Natuna block may contain up to 400.1 million barrels of oil.