ID :
56559
Tue, 04/21/2009 - 10:24
Auther :
Shortlink :
https://oananews.org//node/56559
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NORTHERN FIELDS OUTPUT TO BENEFIT MALAYSIA, VIETNAM
KUALA LUMPUR, April 21 (Bernama) -- Malaysia and Vietnam are set to benefit from the commencement of oil production from the Northern Fields by Talisman Malaysia Ltd.
Talisman Energy Inc's executive vice president, international operations
(East), A. Paul Blakeley, said the project was located in the PM-3 commercial
arrangement area off Malaysia and Vietnam.
"The PM-3 commercial arrangement area was formed as a result of the
cooperation between Malaysia and Vietnam, where 50 percent of the production
will be shared by both," he told a media briefing here Monday.
The oil company said production was expected to reach 40,000 barrels of oil
equivalent per day (boe/d) to 50,000 boe/d by early 2010 with the commissioning
of dry gas facilities mid-year.
The project comprises over 70 reservoirs, 50 wells, three wellhead riser
platforms, a central processing platform, a floating storage and offloading
tanker and over 100 kilometres of subsea pipelines.
Talisman Malaysia operates Block PM-3 commercial arrangement area and,
together with its affiliate, Talisman Malaysia (PM3) Ltd, holds a 41.44 percent
interest.
Petronas Carigali holds a 46.06 percent interest and PetroVietnam
Exploration Production Corp 12.5 percent interest.
He said US$1.6 billion (US$1=RM3.60) has been invested so far.
On further investment, Blakeley said, the PM-3 south development was
currently at a point where Talisman was ready for the next phase of investment.
"(So), there will be on-going investment in PM-3 commercial arrangement
areas in many years which will ultimately result in the increase in production
when the reserves from the fields come on stream," he said.
Going forward, he said, Talisman expected 10 percent growth annually over
the next few years and possibly beyond in the Asian region.
He said in the short term 2009/2010, the grow would largely come from the
Northern Fields as well as significant production growth in Indonesia.
"We are keen to seek new opportunities to invest here in Malaysia," he said.
On the price outlook, he said Talisman expected to see it return to US$80
per barrel level within the next two years.
"By that time the Northern Fields will be robust," he said.
Crude oil price is now at about US$50 per barrel.
-- BERNAMA
Talisman Energy Inc's executive vice president, international operations
(East), A. Paul Blakeley, said the project was located in the PM-3 commercial
arrangement area off Malaysia and Vietnam.
"The PM-3 commercial arrangement area was formed as a result of the
cooperation between Malaysia and Vietnam, where 50 percent of the production
will be shared by both," he told a media briefing here Monday.
The oil company said production was expected to reach 40,000 barrels of oil
equivalent per day (boe/d) to 50,000 boe/d by early 2010 with the commissioning
of dry gas facilities mid-year.
The project comprises over 70 reservoirs, 50 wells, three wellhead riser
platforms, a central processing platform, a floating storage and offloading
tanker and over 100 kilometres of subsea pipelines.
Talisman Malaysia operates Block PM-3 commercial arrangement area and,
together with its affiliate, Talisman Malaysia (PM3) Ltd, holds a 41.44 percent
interest.
Petronas Carigali holds a 46.06 percent interest and PetroVietnam
Exploration Production Corp 12.5 percent interest.
He said US$1.6 billion (US$1=RM3.60) has been invested so far.
On further investment, Blakeley said, the PM-3 south development was
currently at a point where Talisman was ready for the next phase of investment.
"(So), there will be on-going investment in PM-3 commercial arrangement
areas in many years which will ultimately result in the increase in production
when the reserves from the fields come on stream," he said.
Going forward, he said, Talisman expected 10 percent growth annually over
the next few years and possibly beyond in the Asian region.
He said in the short term 2009/2010, the grow would largely come from the
Northern Fields as well as significant production growth in Indonesia.
"We are keen to seek new opportunities to invest here in Malaysia," he said.
On the price outlook, he said Talisman expected to see it return to US$80
per barrel level within the next two years.
"By that time the Northern Fields will be robust," he said.
Crude oil price is now at about US$50 per barrel.
-- BERNAMA
