UK-based Ophir Energy commenced its two-well drilling campaign in the Gulf of Thailand with the spudding of the G4/50-10 exploration well on the Soy Siam prospect.
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Image: Offshore Thailand / Ophir. |
The Emerald Vantage jackup will drill the well that is expected to take approximately 50 days.
The two well campaign has been designed to test hydrocarbon potential in the G4/50 block, which partly surrounds Ophir’s producing Bualuang oil field and tertiary aged sub basins in the western Gulf of Thailand.
The Soy Siam prospect, which has 25 MMbbl of prospective resources, comprises a single fault block charged from both the Bualuang and South Western Sub basins. Upon completion of the G4/50-10 well, the rig will move to drill the Parichat South West (SW) prospect.
The Parichat complex is a cluster of four fault blocks located 30km south of the Bualuang field. The southwest fault block is the initial target with potential resource of 25 MMbbl. If successful, the Parichat southeast fault block would form an immediate follow on location.
The group has mapped six further prospects in the South Western Sub basin with total resource of 155 MMbbl. Environmental Impact Assessment approvals are also in place for 18 drilling locations in the basin.
The group’s CEO, Nick Cooper said, “The Soy Siam and Parichat SW wells represent low cost exploration wells that at current oil prices can still deliver attractive risked returns in the event of success.
“Moreover, as the first well penetration is in the South Western Sub basin, these wells have the potential to unlock a considerable drilling inventory and substantial prize. Any discovery could be swiftly developed and potentially repeated." he said.
“Over the past decade, other operators have created substantial value pursuing similar strategies throughout the Gulf of Thailand. If Ophir encounters success in these first two wells, we would be well placed to replicate this."
This year Ophir also acquired four deepwater production-sharing contracts (PSCs) in Indonesia from Niko Resources. The PSCs include West Papua IV, Aru, Kofiau and Halmahera-Kofiau, all of which will be operated by Ophir.
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