In a statement Petrofac said, “The Cendor field is located in the northeast corner of Block PM304 in about 70 metres of water with principal producing horizons in the H Group of Middle Miocene sands. The field will be developed in two phases with significant operational co-operation between Petrofac and Petronas Carigali.”
“Previous Production Sharing Contractors drilled 8 wells on the structure, before Amerada Hess drilled 2 more wells on seismic amplitude responses that tested oil at commercial rates. Base reserves are 20 million barrels of oil with significant upside potential,” added the company.
Petrofac is optimistic about its latest slice of acreage. According to Petrofac Resources Vice-President, Operations and Development Richard Hall, “Cendor Phase 1 is a proven undeveloped field that gives us a great opportunity to export and build on the skills and experience of Petrofac Facilities Management and Petrofac Engineering in conjunction with Petronas Carigali.”
First oil is expected between late 2006 to early 2007.
Amerada Hess, despite selling its stake in PM 304, has stressed it is very much part of the Malaysian oil and gas sector.
In a statement the company said, “The sale of our stake in the Cendor Field is part of our ongoing and normal portfolio management activity.”
“We are certainly still active with a growing business in Malaysia,” it added without divulging any further details. Amerada Hess still has stakes in the deepwater Block F offshore Sarawak, Block SB 302 offshore Sabah and Block A-18 in the Malaysia-Thailand Joint Development Area.
Aside from Petrofac, the other companies which have shares in PM 304 are Petronas Carigali (30%), Kuwait Foreign Petroleum Exploration Co (25%) and PetroVietnam Investment Development Co (4.5%).
