INDONESIA - South-East Sumatra - CNOOC Venture.In January 2002, the state-owned China National Offshore Oil Corp. (CNOOC CNOOC China National Offshore Oil Corporation ) bought almost all the Indonesian assets of Repsol/YPF for $585m. The unit price CNOOC paid was $1.60/b oe. CNOOC became the biggest offshore oil producer in Indonesia, with an output then averaging 21,000 b/d, down from about 125,000 b/d in early 2003, concentrated off South-East Sumatra. On Sept. 26, 2002, CNOOC signed a 25-year contract to buy 2.6m t/y of LNG LNG (liquefied natural gas): see under natural gas. from BP's Tangguh JV in Papua. CNOOC's acquired assets are: 65.34% in the South-East Sumatra (SES) PSC (Public Service Commission) Same as PUC. , 36.72% in the offshore North-West Java PSC, 25% in the West Madura PSC, 50% in the Poleng PSC, and 16.7% in the Blora PSC - with Pertamina being one of the partners in all of them (see background in Vol. 64, gmt10IndnsFieldsMar7-05). CNOOC has developed the Banuwati gas field and satellite structures on one of the SES offshore blocks. CNOOC's aim is to exploit 600 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of proven reserves on this PSC. CNOOC's partners in this PSC are Paladin Paladin archetypal gunman who leaves a calling card. [TV: Have Gun, Will Travel in Terrace, I, 341] See : Wild West Resources and Pertamina. In the offshore West Madura block, where the operator is Kodeco Energy of South Korea, with CNOOC having a 25% stake, an important discovery was made in mid-2002. A wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. at the Kujung 3 Fm yielded 2,400 b/d of oil and 1.7 MCF/d of gas. In 2001 three successful wells - KE 23-1, KE 13-1 & KE 24-1 - flowed a combined 6,300 b/d of oil and 30.1 MCF/d of gas from the same Fm. In late 2002, Kodeco's KE 40-2 appraisal, drilled to 2,206m, encountered 53m of gas pay in the Kujung 1 carbonate reef build up and 8.6m of oil pay in the Kujung 3 limestones. A drillstem test on the latter Fm produced 1,430 b/d of oil and 6.86 MCF/d of gas through a one-inch choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. . The field has been developed, with the oil exported and the gas sold on Java island. Java, with a population of more than 127m, is by far the biggest market in Indonesia for gas and power. It is acutely short of both as this is where about half the country's large and medium-sized businesses are located. Businesses are queuing for new gas supplies from both nearby and distant producers. |
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