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Niko’s Drilling Program in Indonesia Kicks Off

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Niko Resources Ltd. has announced start of its exploration drilling program in Indonesia and participation in the company’s twenty-first block in the country.

Niko will partner with Zaratex N.V. in the 5908km2 Lhokseumawe PSC in western Indonesia. The block is located directly adjacent to the giant Arun field (>3.1BBOE) and associated LNG plant. A 3865km2 3D program was acquired on the block and a number of high impact prospects were subsequently identified. Drilling is to commence in the shallow water portion of the block in April with two wells. The Candralila-1 and Ratnadewi-1 prospects will be drilled back to back and if successful will be monetized relatively quickly by accessing the existing extensive local infrastructure.

Niko’s deep water rig, the Diamond Ocean Monarch, is scheduled to arrive in Lhokseumawe in September to drill the Jayarani-1 well. This will be the first well in Niko’s planned program of more than 25 deep water wells in Indonesia. In addition, in the North Ganal PSC in which Niko is a participant, operator Eni will be using the Transocean Seven Seas to drill the Lebah-1 well in the second half of 2012. The Lebah prospect will test the extension of the Jangkrik and Jangkrik-NE discovery trend (>400MMBOE of reserves to date). Eni has already filed a POD for the development of these discoveries and first production is expected in 2015.

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Trinidad expects $3 Bln in energy exploration in 2012

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By Linda Hutchinson-Jafar

PORT OF SPAIN, Feb 6 (Reuters) – Upstream companies operating in Trinidad and Tobago will invest $3 billion in oil and gas exploration activities this year, Energy Minister Kevin Ramnarine said on Monday.

“2012 exploration drilling will spring to life after low to moderate activity,” he said at the opening session of the Trinidad and Tobago Energy conference.

Some 15 exploration wells will be drilled this year, mainly by Canada-based companies Parex Resources and Niko Resources and by BP, he said.

Five drilling rigs are currently operating in the country while six seismic programs were continuing or starting in 2012.

Trinidad and Tobago is highly dependent on the energy sector, which contributes close to 40 percent of GDP, 40 percent of revenues and is the largest source of foreign direct investment.

Updating the status of negotiations for deep water blocks in the Atlantic, Ramnarine said discussions have concluded with BP Trinidad and Tobago and he expects sign-off soon, while talks were continuing with BG Trinidad and Tobago and BHP Billiton for deep water acreage.

Ramnarine said the country’s continuing decline in oil production was a “most worrying aspect of the energy sector.”

Oil production, which averaged 92,000 barrels per day in 2011, was hampered by a plant shutdown at the state-owned oil company Petrotrin and by maintenance activity by other small oil producers.

“Any gains in government revenue that could be realized as a result of increased oil prices were negated by falling oil production. It’s hurting the national economy and the country at a time when we should be benefitting from high oil prices,” he told the energy conference.

Oil production has declined to 100,000 barrels of oil per day (bpd) from 145,000 bpd over the last 10 years.

Ramnarine said his ministry is preparing for a road show at the end of the month in Houston to meet with representatives from 200 oil and gas companies that have expressed interest in Trinidad and Tobago.

The ministry will also promote the next deep water bid round, which will be launched next month, he said.

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Niko Expands its Indonesian PSCs Portfolio

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Niko Resources Ltd. has been awarded two new Production Sharing Contracts (“PSCs”) in Indonesia. The Company now has interests in 20 Indonesian PSCs including 13 in its West Papua portfolio.

As shown in above, the 8,217 Km2 SE Seram offshore block is adjacent to Niko’s Seram, East Bula and Kumawa blocks and also borders a third party block where the Andalan‐1 well is currently drilling. Niko will have a 100% working interest and operate.

The 6000 Km2 Halmahera II block is adjacent to Niko’s Obi, Halmahera‐Kofiau and Kofiau blocks. Niko will have a 20% working interest.

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Niko to Begin Drilling at Block 2ab Offshore Trinidad in September 2011

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Canada’s Niko Resources and Britain’s Centrica will invest $70 million in three offshore exploration wells this year in Trinidad and Tobago, the Caribbean’s leading oil and natural gas producer, officials said on Wednesday.

The two companies, along with Trinidad and Tobago’s state-owned integrated energy company Petrotrin, are joint venture partners in an offshore region known as Block 2ab.

Ajith Muralidharan, a manager at Niko Resources, said drilling is scheduled to begin in September and that surveying so far had “shown prospects with substantial potential.”

The investment comes as Trinidad and Tobago seeks to lure investment and increase oil and natural gas output in its vital energy sector, which accounts for 45 percent of the country’s gross domestic product and 60 percent of its foreign exchange earnings.

Government statistics show oil production has fallen steadily over the last decade from 145,000 barrels a day to 100,000 bpd over the last 10 years.

Natural gas reserves declined from 22 trillion cubic feet (TCF) to just over 14.5 TCF during the same period.

Trinidad and Tobago’s Energy Minister Carolyn Seepersad- Bachan welcomed the drilling plan as a sign exploration may be poised to pick up again after falling over the past two years largely because of high drilling costs and the onset of the global recession.

( Original Article )

offshoreenergytoday.com

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