Australian optimistic about Timor Gap potensial<\/p>\n
ADELAIDE (Reuter): Australian oil explorers are cautiously
\noptimistic about the potential of the Timor Gap after three
\npromising oil strikes and one gas strike over the past year, an
\noil conference heard this week.<\/p>\n
After nearly a decade of disappointing exploration in the
\nwaters between northern Australia and Indonesia, 1994 saw a
\nturnaround in the area's fortunes, Australian Petroleum
\nExploration Association (APEA) chairman Peter Power told APEA's
\nannual conference in Adelaide.<\/p>\n
Oil was discovered in the Elang 1 and Kakatua 1 wells in the
\nAustralian\/Indonesian Timor Gap Zone of Cooperation Area, set up
\nby the two governments four years ago in previously disputed
\nwaters to split revenue from any production.<\/p>\n
Drilling last October also found oil at the Laminaria 1 well
\noperated by Woodside Petroleum Ltd to the west of the ZOCA which
\nflowed at 7,500 barrels a day.<\/p>\n
\"This has refocused attention on the Zone of Cooperation,\"
\nsaid Power, who is managing director of Ampolex Ltd.<\/p>\n
\"The discovery of potentially large resources of oil and gas
\nin the Timor Sea and North West Shelf regions during the latter
\npart of 1994 may add significantly to Australia's reserves once
\ntesting and appraisal drilling is completed,\" Power said.<\/p>\n
The Elang well is owned a group involving The Broken Hill Pty
\nCo Ltd, Inpex, Santos Ltd and Petroz NL.<\/p>\n
Petroz geophysicist Ian Young said the Elang find proved oil
\nexists in the western area of the ZOCA: \"The recovery of light
\nunder-saturated oils... has diminished fears that the western
\nZOCA is gas-prone, a concern held previously by many industry
\nparticipants,\" he said in a conference paper.<\/p>\n
The Kakatua consortium is also headed by BHP.<\/p>\n
Santos' general manager of exploration, Lloyd Taylor, said the
\nTimor Gap could hold more than 200 million barrels of crude oil
\nalthough this has yet to be proved and the area's potential is
\nunlikely to be realized for another two years.<\/p>\n
Largest discovery<\/p>\n
\"But this is potentially the largest oil discovery in years,\"
\nhe told the three-day conference that ended yesterday.<\/p>\n
The discovery of gas at the Bayu well, southeast of Elang, by
\na consortium led by Phillips Petroleum Co, also fueled renewed
\ninterest in the area.<\/p>\n
The Bayu area spreads into another permit headed by BHP.
\nBHP Petroleum's general manager for Australia\/Asia, Mike Baugh,
\nsaid premature enthusiasm should be kept in check.<\/p>\n
\"One well doesn't make a big find,\" cautioned Baugh.
\nHe said the two groups of permit holders are sharing information
\nand carrying out more drilling to establish an estimated size of
\nthe field.<\/p>\n
\"Then we will put our heads together and think about drilling
\nas one,\" he told a media briefing.<\/p>\n
Petroz's Young said the discoveries will trigger further
\nexploration programs in the area.<\/p>\n
\"A number of attractive prospects and leads have been
\nidentified in the vicinity of the Elang Field and on the Flamingo
\nHigh (a peak south of Elang) that offer significant exploration
\npotential,\" he said.<\/p>\n
But an APEA spokesman said despite the encouraging discoveries
\nin the ZOCA, proposed activity in 1995 is to be reduced
\nsubstantially.<\/p>\n
\"The reduction has been brought about by the relatively small
\namount of work outstanding in the committed programs for the
\nfirst three year terms of exploration permits in the area,\" the
\nspokesman said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/australian-optimistic-about-timor-gap-potensial-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}