ROC Oil commenced drilling operations the second of two planned exploration wells in the Bohai Bay basin, offshore China, according to joint venture partner AWE.
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Map of Block 09/05. From ROC. |
The QK12-3-1D well is located in Block 09/05, in the western part of the prolific Bohai Bay basin in China, approximately 10km southeast of Tanggu, the largest port in China. It covers an area of 335sq km with water depths from approximately 5-10m.
The well will be drilled to 3600m in operations that are to last 26 days. It has been designed to test the oil potential of a 3-way dip closed structure matured by 3D seismic data.
QK12-3-1D has two primary stacked objectives, such as the Miocene age Guantao reservoirs and Pliocene age Minghuazhen reservoirs; and a secondary objective of Oligocene age Dongying reservoir.
According to AWE, this block has the benefit of low drill and development costs, proximity to existing infrastructure and attractive fiscal terms.
Should drilling costs exceed the initial gross estimate of US$14.7 million per well, AWE would then contribute at a 40% working interest.
The first exploration well was drilled using CNPC Offshore Engineering’s Rig 33 to a depth of 4377m in September 2014. The well, however, did not confirm the presence of commercial hydrocarbons.
ROC, which was de-listed from the Australian stock exchange in January, was purchased by China-based Fosun International for AU$439 million last year.
ROC is the operator of Block 09/05 with 60% interest. AWE holds the remaining 40%.
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