[steam_cannon]

Sounds like we're getting a little honesty from Indonesia...

[mos6507]

Everyone sing now.

Another field bites the dust.
Another field bites the dust, hey hey.

[flash width=425 height=344]http://www.youtube.com/v/hMenB9Ywh2Q&hl=en&fs=1[/flash]

[copious.abundance]

I predict this prediction will not come to pass.

--> AAPG August issue <--

Indonesia frontier gets new look
Deep Waters Probed for Seeps

The challenge: Develop an extensive but focused overview of deepwater exploration potential offshore Indonesia

TGS-NOPEC Geophysical Company in Perth, Australia, knew it had to provide an extraordinary solution to attract industry interest.

So it turned to a highly innovative approach for gathering multiple forms of offshore data.

"Indonesia's frontier basins, especially the deepwater basins, are very, very under-explored. Most exploration in Indonesia has actually been focused around discoveries," said AAPG member Peter Baillie, TGS-NOPEC chief geologist Asia-Pacific.

[...]

Half of Indonesia's 60 basins could be prospective for hydrocarbon production, but its deepwater offshore basins were not only largely unexplored but also largely unevaluated.

[...]

“The majors are looking at trends and basins,” he noted. “In this portfolio TGS has identified there are both prospect opportunities and huge basinal trend opportunities.”

[...]

[TheDude]

Thought they'd left OPEC in May.

Interesting graph from the OPEC site:



Either you got it or you don't, infidels!

[Graeme]

I predict this prediction will not come to pass.

--> AAPG August issue <--

Indonesia frontier gets new look
Deep Waters Probed for Seeps

The challenge: Develop an extensive but focused overview of deepwater exploration potential offshore Indonesia

TGS-NOPEC Geophysical Company in Perth, Australia, knew it had to provide an extraordinary solution to attract industry interest.

So it turned to a highly innovative approach for gathering multiple forms of offshore data.

"Indonesia's frontier basins, especially the deepwater basins, are very, very under-explored. Most exploration in Indonesia has actually been focused around discoveries," said AAPG member Peter Baillie, TGS-NOPEC chief geologist Asia-Pacific.

[...]

Half of Indonesia's 60 basins could be prospective for hydrocarbon production, but its deepwater offshore basins were not only largely unexplored but also largely unevaluated.

[...]

“The majors are looking at trends and basins,” he noted. “In this portfolio TGS has identified there are both prospect opportunities and huge basinal trend opportunities.”

[...]

You may be right in the medium to long term but this is the response to lease offers so far (from original article):

Purwanto said that there had been little response from investors when the government offered 26 oil blocks for exploration last October. The government has signed only four contracts so far for the blocks offered.

[copious.abundance]

Maybe the Indonesian government wasn't offering particularly good lease terms, or something like that.

[copious.abundance]

BTW, it looks like we'll learn more about this company's Indonesian seismic results in October, at the next AAPG meeting.

Baillie will discuss geological and geographical details and additional survey specifics at the AAPG Cape Town meeting.

Maybe if their results are prospective enough, leasing activity will pick up.

[Sys1]

mos6507 : thx for the clip, I like Queen

[steam_cannon]

BTW, it looks like we'll learn more about this company's Indonesian
seismic results in October, at the next AAPG meeting.

Baillie will discuss geological and geographical details and additional
survey specifics at the AAPG Cape Town meeting.

Maybe if their results are prospective enough, leasing activity will pick up.

If it does or doesn't, the article lays out what the stakes are and they
are already a net importer of oil. So this suggests Indonesia's
energy/economic situation is going to be getting worse for the time
being. But yeah, their exploration studies are definitely worth keeping
an eye on.

[lorenzo]

How long does it take, roughly speaking, to get deepwater oil out of the ground and into a tanker once it has been discovered?

Take Tupi: how long has exploration, test-drilling and so on taken up till now and how much longer will it take before this field reaches its full capacity and starts exporting large quantities?

Any rough "average" here? Does it take 10 years? 15 years? Or are the projects too different to put an average on this?


I ask because deepsea oil in Indonesia may well be "very, very under-explored" as the guy says. But if you can't get it out in time - that is before the wholesale switch to post-oil infrastructures is made - then there's no need to even start spending money on it.

[idiom]

And you are assuming new flows are greater than domestic consumption.

[TheDude]

Petrobras to Start Oil Output at Tupi Field in 2009 (Update2)

Aug. 1 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, plans to start crude production at the offshore Tupi field in the first quarter of next year.

The initial output will be between 20,000 and 30,000 barrels a day, Chief Executive Officer Jose Sergio Gabrielli said today in London. The company and partners will ramp up production at the pilot project to 100,000 barrels a day in 2010.

Petrobras Sees Tupi at 1 Million Barrels a Day, Reuters Says

July 25 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, estimates future oil production at its Tupi field may reach 1 million barrels a day, Alvaro Costa, assistant director for exploration and production at the company, told Reuters.

Story doesn't give any specifics about when they'd build the additional rigs to boost production. Thunderhorse is the all time champ for UDW production - 250 kbpd. Also largest/most complex/most expensive.

[copious.abundance]

How long does it take, roughly speaking, to get deepwater oil out of the ground and into a tanker once it has been discovered?

Take Tupi: how long has exploration, test-drilling and so on taken up till now and how much longer will it take before this field reaches its full capacity and starts exporting large quantities?

Any rough "average" here? Does it take 10 years? 15 years? Or are the projects too different to put an average on this?


I ask because deepsea oil in Indonesia may well be "very, very under-explored" as the guy says. But if you can't get it out in time - that is before the wholesale switch to post-oil infrastructures is made - then there's no need to even start spending money on it.

Tupi was discovered in 2006-2007, and they will already be doing initial production testing next year, then ramping up to full-fledged production in 2010, though it will still take a few years after that to get to maximum production.

So in the case of Tupi, it could be as little as 5 years after the discovery until commercial quantities of oil start flowing. Other oil fields take much longer, of course.

Another example of a quick turnaround time is the Jubilee field offshore Ghana (currently estimated at 1.8 gigabarrels). Tullow and partners discovered it in 2006-2007, and they're already planning 100,000 bpd production in 2010. That's only 3-4 years.

At the other extreme is Kashagan, which seems to be a never-ending soap opera. So I don't think there's a hard-and-fast rule.

[copious.abundance]

BTW, in case anyone wants to see which basins TGS-NOPEC is evaluating, click here:
--> LINK (click on "Enlarge Map" for PDF) <--

One of them - the one along the NW coast of Sumatra - appears to be the same basin I reported about here.

Snazzy video on the company website here.

[steam_cannon]

BTW, in case anyone wants to see which basins TGS-NOPEC is evaluating, click here:
--> LINK (click on "Enlarge Map" for PDF) <--

One of them - the one along the NW coast of Sumatra - appears to be the same basin I reported about here.

Snazzy video on the company website here.

Nice map!

[copious.abundance]

Well, whad'ya know.

This block, BTW, is off the west coast of the island of Sulawesi.

--> LINK <--

Exxon Mobil's Central Indonesia Blocks May Hold 1 Billion BOE Official
Dow Jones
August 07, 2008: 04:15 AM EST

JAKARTA -(Dow Jones)- Exxon Mobil Corp.'s (XOM) two deepwater blocks in central Indonesia could have 1 billion barrels of oil equivalent in reserves, a company official said Thursday.

The official, who declined to be named, said the company is conducting a seismic survey on the Surumana block and adjacent Mandar block in the Makassar Strait.

Exxon Mobil Oil Indonesia Inc.'s spokesman Maman Budiman declined to comment on the probable oil and gas reserves contained in the blocks, which lie 2,300 meters below sea level, saying only that the company is waiting for the delivery of a "special rig" to start exploration there.

He said the government has given the company until 2009 to start exploration of the Surumana block and 2010 for Mandar.

[..]

But don't worry, I won't add this to my Catalog of Recent Oil Discoveries until they drill and find oil.

[eastbay]

Well, whad'ya know.

This block, BTW, is off the west coast of the island of Sulawesi.

--> LINK <--

Exxon Mobil's Central Indonesia Blocks May Hold 1 Billion BOE Official
Dow Jones
August 07, 2008: 04:15 AM EST

JAKARTA -(Dow Jones)- Exxon Mobil Corp.'s (XOM) two deepwater blocks in central Indonesia could have 1 billion barrels of oil equivalent in reserves, a company official said Thursday.

The official, who declined to be named, said the company is conducting a seismic survey on the Surumana block and adjacent Mandar block in the Makassar Strait.

Exxon Mobil Oil Indonesia Inc.'s spokesman Maman Budiman declined to comment on the probable oil and gas reserves contained in the blocks, which lie 2,300 meters below sea level, saying only that the company is waiting for the delivery of a "special rig" to start exploration there.

He said the government has given the company until 2009 to start exploration of the Surumana block and 2010 for Mandar.

[..]

But don't worry, I won't add this to my Catalog of Recent Oil Discoveries until they drill and find oil.

Enough to last about 12 days. Not bad! A few more huge discoveries like that and next thing ya know we're talking about 3 weeks worth!

[copious.abundance]

^
Don't worry, there's a lot more than just 1 billion barrels offshore Indonesia.

[eastbay]

^
Don't worry, there's a lot more than just 1 billion barrels offshore Indonesia.

No doubt. maybe even 10 bbbls. Maybe more. I wonder why they're not going after it. In fact, they're now a net energy importer having recently announced that effective 31DEC08 they will quit OPEC.

Interesting. Possibly they're saving it for 'later'? Hmmm... stranger things have happened!

[copious.abundance]

^
Don't worry, there's a lot more than just 1 billion barrels offshore Indonesia.

No doubt. maybe even 10 bbbls. Maybe more. I wonder why they're not going after it. In fact, they're now a net energy importer having recently announced that effective 31DEC08 they will quit OPEC.

Interesting. Possibly they're saving it for 'later'? Hmmm... stranger things have happened!

Perhaps you missed this thread here. <-- And that was just in one basin.