Logo of Phnom Penh Post newspaper Phnom Penh Post - Premier hits oil, mulls next move

Premier hits oil, mulls next move

Premier hits oil, mulls next move

T HE consortium led by Premier Oil Camboya will consider its next move around the end of November after striking oil and gas with its first exploratory well in Cambodia's offshore Block 4.

Representatives from the consortium's three equal partners, British-owned Premier, Australian outfit Ampolex and the Japanese company Idemitsu, are to meet in Singapore to plot a strategy.

They will decide whether to opt for a 2 or 3-d seismic survey and what area to conduct it in within the block, which covers an area of more than 30,000 square km 150 km soutwest of Sihanoukville.

The oil executives should be encouraged by the strike, the third in four test wells so far drilled off Cambodia's shores. Currently more work is being carried out evaluating the find prior to the Singapore meeting.

Premier said in a press release that the well achieved a maximum flow of 1,180 barrels per day (bpd) and 1.3 million cubic feet of gas per day, and reached a total depth of 3,867 meters.

The flow rate is much better than earlier strikes made by Enterprise oil, 180 bpd or Campex, 500 bpd, the other two operators currently exploring offshore of Cambodia.

However an industry source said no accurate measure of the commerciality of strike can be made from a test well, which can inhibit the flow rate.

The source pointed out that the size of reserves have to be assessed in addition to flow rates to decide if a find is worth exploiting commercially.

The oil, measuring 42 on the American Petroleum Institute scale is said to be typical of southeast Asian crude with a fairly high wax content.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro