Offshore staff
STOCKHOLM, Sweden -- PA Resources (PAR) says the partners in the Mer Profond Sud (MPS) offshore license have agreed improved fiscal terms for the production sharing contract with the government of the Republic of Congo.
The agreement, which also relates to the producing Azurite field, should give the license partners a larger share of field revenues. It has been formally approved by the Council of Ministers and will now be submitted for parliamentary approval.
Six of Azurite’s planned production wells have been completed, PAR says. The three producers completed during 4Q 2010 have been flowing at reduced rates, but the addition of two water injector wells will provide pressure support. A third water injector currently is being drilled, and PAR expects development to be completed in 2Q 2011, a little behind schedule.
The company is working with Murphy to update the forecasting of future production capacity, pending information from the wells remaining to be drilled.
Also on the MPS license, Murphy recently drilled a series of unsuccessful exploration and appraisal wells on the Cobalt and Turquoise prospects. Of these, Turquoise Marine 4 was drilled to a deeper target where non-commercial oil pay was encountered.
This year, the partners plan extensive geoscience evaluation across the block to re-assess the prospectivity associated with this deeper reservoir.
In block 1 offshore Equatorial Guinea, PAR is a partner to Noble Energy in the Aseng development. During 4Q 2010, the semisub Atwood Hunter finished its development drilling and completions program, although the Pride South Pacific rig will remain working until late in 1Q 2011. Progress on the upgrade of the FPSO, topsides fabrication, and subsea assembly and testing remains on schedule.
PAR says the Plan of Development for the Alen field in block I has been submitted to the government of Equatorial Guinea and is in the closing stages of the review process.
01/07/2011
