Project Profile
Value: US$136 million
Location: Palawan, Offshore Philippines
Gross field production rate: 11,400 bpd
Start-up Year: - 2010
The Cadlao Oilfield is located offshore Palawan, Philippines and was previously operated by Amoco in the early 80s. Between 1981 and 1991 the field produced 11.1 million barrels of oil. The operator abandoned the field and sold its interest. A decade later, Blade acquired the field and performed new 3D seismic survey, revealing additional structural details including large amounts of untapped oil. The Republic of Philippines Department of Energy approved Cadlao\'s development plan in July 2009. The field development plan calls for two wells to be drilled and connected to an FPSO. Once the field becomes operational, three more wells are to be drilled and connected to the FPSO.
Certified remaining 1P reserves are about 4mmbbls, while there are about 6mmbbls of 2P reserves. There is potential for a further 10mmbbls of oil in surrounding exploration prospects which could be tied back to Cadlao facilities. The field will be developed through a jack-up which will act as production platform and a separate FSO vessel for storage and offtake.
Operator:
Blade Petroleum: 100% interest
Contractor:
Icon Engineering: Design work on wellhead platform
OPSC (Thome Group): Supply the integrated development solution