Press

Major Boost for Australia's Bass Oil in Upgraded Potential for Producing Onshore Indonesian Oil Field


  • Results from major integrated field study materially upgrade prospectivity of Bass' 55% stake in the onshore Southern Sumatra oil producing Tangai-Sukananti KSO
  • Bass commissioned the study undertaken by independent petroleum geoscience and engineering consultancy, UNPAD, part of Indonesia's Padjadjaran University
  • Results highlight an additional 1.62 million barrels of oil (893 million barrels net to Bass) of un-risked, prospective oil resources identified in two new near field prospects
  • These prospects have potential to significantly increase recoverable oil from the Tangai-Sukananti licence
  • Bass to add these two drill prospects to Company's existing drill program

Australia's Bass Oil Limited (ASX: BAS) is pleased to announce a major upgrade to the prospectivity of the Company's producing Tangai-Sukananti KSO, located in onshore Sumatra, Indonesia.

Highlights of the upgrade, resulting from an independent review of the Company's stake in the KSO located in the prolific oil production province in southern Sumatra, include an additional 1.6 million barrels (0.893 million barrels net to Bass) of low cost, unrisked, prospective oil resources, in two new near-field targets.  As a result of the study's findings, Bass immediately added these new targets to its planned 2018/2019 drilling program.

Bass Oil commissioned the review during 2017, following its acquisition of a 55% stake in the licence, which includes the current producing Bunian and Tangai Oil Fields.

Background

The Tangai-Sukananti KSO is located in the mature oil and gas producing South Sumatra Basin and includes the Bunian and Tangai Oil Fields which lie along an extensive trend of large oil fields north-west and south-east of the KSO. In 2017, Bass Oil engaged UNPAD in Indonesia, an independent petroleum geoscience and engineering consultancy associated with the Padjadjaran University, to conduct a Plan Of Field Development (POFD) being a major, multi-disciplinary, integrated study over the entire Tangai Sukananti KSO.  

The outcome of this project is to inform a full re-assessment of the Oil in Place, Reserve and Resource Potential of this asset and to optimize well drilling and field development.  The POFD results are scheduled to be finalised by the end of March.

Results

Bass has successfully defined two exploration prospects in addition to the existing known fields. Both prospects target oil potential at multiple reservoir levels within the prolific Talang Akar Formation, which contains the oil producing reservoirs in the existing Bunian (TRM3SS, GRM and K1 sands) and Tangai (GRM, K1 and M sands) Fields.

The Sukananti Updip prospect lies south of the Bunian Oil Field. Sukananti-1, drilled in 1996, intersected a 2 metre thick oil-filled sand at the TRM2SS reservoir level, which has significant up-dip potential on the southern flank  of the Bunian Oil Field. Additionally, three other reservoir levels (TRM3SS, GRM and K1), that are oil bearing in the Bunian Field, are not within a trapping configuration at the Sukananti-1 location, but do form attractive targets at the Sukananti Updip location.

For the combined reservoirs, the Sukananti Updip prospect has 1.278 million barrels oil on an unrisked, prospective, recoverable, best estimate basis (0.703 million barrels net to Bass) with a 30% chance of geological success. Sukananti Updip has a high estimate upside of 3.156 million barrels oil on an unrisked, prospective, recoverable basis (1.736 million barrels net to Bass).   

The Bunian West prospect is a faulted, anticlinal closure to the west of the Bunian Oil Field. The prospect has the potential for oil and gas at five stacked reservoir levels (TRM2SS, TRM3SS, GRM, K1 and M sands) all proven to be effective in the KSO. For the combined reservoirs, the Bunian West prospect has 0.345 million barrels oil on an unrisked, prospective, recoverable, best estimate basis (0.190 million barrels net to Bass) with a 32% chance of geological success. Bunian West has a high estimate upside of 0.814 million barrels of oil on an unrisked, prospective, recoverable, best estimate basis (0.448 million barrels net to Bass).   

The Bunian West and Sukananti Updip prospects are fully defined by the 2011 Sukananti 3D seismic survey data which was comprehensively reprocessed in 2014. Following approval by the Indonesian Government authorities (Pertamina and SKK MIGAS), the prospects will be included in Bass Oil's 2018/2019 drilling and development program for the KSO.

Once approved by the regulator, the drilling costs of both wells will be fully cost recoverable against existing production under the terms of the KSO.  Joint Venture participants in the KSO are Bass Oil Ltd (Operator 55%) and Mega Adhyaksa Pratama Sukananto Ltd (45%).

The prospective resource estimates detailed in Table 1 assess the probabilistic resource evaluation carried out by UNPAD in accordance with industry standard SPE-PRMS definitions.

Prospect

Low Estimate P90

‘000 barrels of oil

Recoverable

 

Best Estimate P50

‘000 barrels of oil

Recoverable

 

High Estimate P10

‘000 barrels of oil

Recoverable

 

Probability

Of Success

%

100%

Net to Bass

100%

Net to Bass

100%

Net to Bass

Sukananti Updip

357

196

1,278

703

3,156

1,736

30

Bunian West

88

48

345

190

814

448

32

Table 1: Bunian West and Sukananti Updip Prospective Resources

Methodology

Bass Oil acquired the TS KSO in 2017 and has undertaken a full re-assessment of the potential of this asset and the optimum drilling, development and facilities design. This has been achieved both in-house and by UNPAD in the following way:

  • Interpretation of the 3D seismic data including an expert review of the structural stresses
  • Depth conversion and seismic data inversion
  • Petrophysical analyses of all wells to determine reservoir properties and fluid contacts
  • Reservoir analyses to characterize fluid pressure
  • Building a static geomodel of the reservoirs in depth and incorporating facies models that reconcile with the rock properties derived from geostatistics.
  • Calculation of probabilistic Oil-In-Place volumes
  • Dynamic modelling of the reservoirs after production history and saturation matching.
  • Calculation of probabilistic Reserves and Resources
  • Production forecasting, field development planning and drill locations from simulation results
  • Determination of production facilities capacity.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://bassoil.com.au/2017-2018-announcements/

Bass OilIndonesiaonshoreOil FieldProductionAustraliaSouthern Sumatra

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 7 days agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 4 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 8 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 8 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 8 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice