abce certificate
New Articles
Friday, 05 December, 2008, 17:10 GMT | more >>

Otto to explore Philippines



By Upstream staff 

Australian junior Otto Exploration has kicked off an exploration programme in Service Contracts 50, 51 and 55 off the Philippines, where it is now hoping to produce first oil next year via an extended production test on its Calauit field, writes Amanda Battersby.

The operator also revealed that it will not take delivery until the middle of next year of the custom-built MPSS from Yantai Raffles, compared to an original date of 17 October this year.

Otto has agreed a dayrate of between $180,000 and $200,000 for a three-year charter of the semi-submersible, which will be able to processup to 15,000 barrels per day of oil.

Meanwhile, routing line scouting is under way by a presurvey vessel ahead of 2D and 3D seismic shoots that CGGVeritas vessel Pacific Sword was due to begin on 22 May.

Otto plans to first acquire 116 square kilometres of 3D seismic over the Calauit and Calauit South fields in SC50.

The vessel will then move to SC51 to acquire 145 square kilometres of 3D data and 261 line kilometres of 2D data in SC51 before moving to deep-water SC55 for an 860 line kilometre 2D shoot.

The survey operation is due for completion by the end of July.

The operator intends to delineate Calauit and optimise well locations for a field that is estimated to have 7 million barrels of recoverable reserves.

The delayed drilling is now set to start in the third quarter of 2008.

Otto also plans to drill the Argao and Cabilao prospects on SC51 next year.


Friday, 25 May, 2007, 07:17 GMT  | last updated: Friday, 25 May, 2007, 07:17 GMT

e-mail this article to a colleague


to email:  from:
comments: