Project Profile
Value: US$1.3 million (best) US$51 million (high)
Location: Off the Philippines/South China Sea
Upstream Oil Reserves: 36 million bbl
Water Depth: 100m
Area: 862 km2
Start-up Year: -
Unrisked Prospective Resources: 13 million barrels (Lawaan Prospect)
SC 54A covers some 862 km2, the inboard, shallow water area portion of the Service Contract Area including the Tindalo and Yakal oil discoveries. The licence lies within acreage in the South China Sea which is still claimed by Beijing. Beijing regards production from SC 54 as an infringement of its sovereignty in the area, and has warned the \"serious problem\" could warrant unilateral action to protect its interests.
SC 54A contains an estimated 13 million barrels of prospective resources at the Lawaan prospect. The project was abandoned in early-2011 as it was considered uncommercial. Nido was granted a moratorium over SC 54A covering August 2014 - August 2017 in case rebounding crude benchmarks made development economic.
The Tindalo oilfield was discovered by the Tindalo-1 exploration well in October 2008. The well was located in approximately 100 metres of water and targeted a pinnacle reef structure similar to the nearby, producing Nido and Matinloc oil fields and intersected a 124-144+ metre oil column in Miocene carbonate reservoir. The reservoir is characterised by a prevalence of vugs and fractures. The well was plugged and suspended and has been re-entered and completed for production in the Tindalo development project.
Operators:
Operator: Nido Petroleum Limited: 42.4% Participating Interest
Joint Venture Partners:
Focus Oil & Gas: 30.1%;
Trafigura Ventures III BV: 15%;
TG World (BVI) Corporation: 12.5%
Contractors:
Knutsen Shuttletanker Pool AS: FSO contract
OEG Offshore: Mini-containers and cargo baskets
Sigma Offshore: Floating hose
Weatherford: Production process equipment