Woodmac sees $25.5b projects in SE Asia
Woodmac sees $25.5b projects in SE Asia
SINGAPORE (Reuter): A total of 54 major oil and gas projects have been identified in Southeast Asia as new field developments, energy consultant Wood Mackenzie (Woodmac) said yesterday.
In a survey, the company said the projects would cover some 2.9 billion barrels of recoverable oil and 66 trillion cubic feet (TCF) of recoverable gas,
It estimated that US$25.5 billion could be committed to the various oil and gas projects in the next seven to eight years, including $7.3 billion in Indonesia and $4.5 billion in Malaysia.
Woodmac said the projects were either under development already or were expected by the company to receive development approval in coming years.
The survey excluded the giant Natuna D Alpha gas field, which has estimated recoverable reserves of 46 trillion cubic feet.
Woodmac said the field is "unlikely to receive development approval over the next several years, given the considerable uncertainties that exist in relation to markets and price for the gas."
The latest survey reflected the trend of recent years showing that traditional exploration areas Indonesia and Malaysia dominated the exploration and production landscape.
There were 17 projects identified in Indonesia and 11 in Malaysia, the survey showed.
However, Myanmar and Vietnam have made a number of significant discoveries in recent years, Woodmac said.
The survey covered projects from Myanmar to China and south to Indonesia.
It excluded Papua New Guinea.
Onshore China was also excluded because projects there are controlled by state-owned China National Petroleum Corp.
Woodmac said the survey was not an exhaustive list of all new development projects in Southeast Asia, but was geared instead to identify the major projects in the region.
ARCO
Meanwhile in Jakarta, state oil firm Pertamina said yesterday its production sharing contractor Atlantic Richfield Co. (ARCO) found another major offshore natural gas field in the Berau block off Irian Jaya.
Pertamina spokesman Saleh Iskak said in a statement the initial discovery, the Vorwata 1 well, tested 30 million cubic feet per day of natural gas in January 1997.
He said the Vorwata 2 confirmation well, an 11-mile step-out from Vorwata 1, tested 33 million cubic feet per day during April 1997.
A third well on the structure, Vorwata 3, tested 29 million cubic feet per day during July 1997.
"The Vorwata discoveries are significant because they are in close proximity to Wiriagar discoveries. Vorwata augments our plans for a major gas development project," Iskak said.
He said Vorwata gas field was approximately nine miles (15 kilometers) from the Wiriagar Deep gas field discovered by ARCO in 1994.
He said five wells in the Wiriagar Deep gas structure have tested at cumulative flow rates as high as 110 million cubic feet per day.
Pertamina said on Aug. 3 it was studying the possibility of building two liquefied natural gas plants in Irian Jaya following the gas find by ARCO.
ARCO said on March 10 it would complete an appraisal program at its Irian Jaya gas field by the end of 1997.
Pertamina said ARCO holds 80 percent of the Wiriagar field and Japan's Kanematsu Corp. holds the remaining 20 percent. ARCO holds a 48-percent stake in the Berau block.