In July the company said it would probably cut its reserves estimate for Jeruk, which was discovered in 2004, to below the 170MMbbl previously forecast.
“The analysis is now largely complete and whilst there are substantial remaining reservoir uncertainties, the upside recoverable oil resource for Jeruk is most likely less than 50 million barrels,” Santos said today.
The company said opportunities to commercialise Jeruk are being pursued but plans for additional appraisal drilling have been put on hold until further technical and commercial reviews are carried out.
Operator Santos holds a 40.5% stake in the Jeruk oil project, while Singapore Petroleum Sampang has a 36% interest, Cue Sampang 13.5% and PT Petrogas Oyong Jatim 10%.
