In its latest results review, Cue Energy said the Indonesian government had approved various changes to the PSC terms that should improve the project’s economics, and it is supportive of the application to extend the duration of the PSC beyond the current expiry date in 2027. The co-venturers will likely seek a 20-year extension.
Gas production from the Oyong and Wortel fields continued to perform to expectations during the quarter,
with combined gross gas production consistent with last
quarter, according to Cue Energy's most recent activities report.
The planned development with feature a single well and a wellhead platform at the Paus Biru gas field, with a 27-km subsea pipeline connecting the well to infrastructure serving the Oyong Field. Gas production from Paus Biru could start by 2025 at a rate of 20 MMcf/d to 25 MMcf/d.
Elsewhere in the permit, the Jeruk oil discovery remains under assessment., with a workshop held recently to review the updated subsurface modeling and development concept plans during the quarter. The aim is to firm up an appraisal and development program within the next six to 12 months.
Cue Sampang Pty Ltd. holds 15% in the Sampang PSC, with Medco Energi Sampang Pty Ltd. as the operator.
Offshore New Zealand, Cue is a partner in the Maari oil field where the MN1 production well has resumed production following repairs, at rates above 1,000 bbl/d. However, the MR6a well remains offline, with a further workover program under evaluation.
Routine inspections have finished of the Maari facilities with a view to achieving certification until 2028. Other plans include potential production enhancements and CO2 reduction measures.
