In addition to this upgrade, technical consultants, Gaffney Cline and Associates (GCA), provided a certification of the Basker-Manta-Gummy oil, condensate and gas resources.
Since the project began 18 months ago, project operator Anzon said the proved and probable oil reserves have increased nearly 70%, after deducting EPT production.
In delineating this oil and gas resource, the EPT and drilling activity has identified a project expansion to include an integrated oil and gas development, Anzon said.
This development would address 379.2 petajoules of gas and 19.1MMbbl of oil and condensate. This equates to 118 million barrels of oil equivalent (MMboe) of reserves and contingent resources, a 240% jump on the previously reported estimate of 49.3MMboe.
Anzon said the classification of gas and gas liquids as a contingent resource applies only while the gas project awaits the formal commitment to a gas contract and joint venture approval, expected in the next month.
“The many project achievements of this significant development, including its fast track implementation, innovative concept using a mini-FPSO and shuttle tanker, project de-risking and rapid approvals, have been recognised by the international industry as one of the top five offshore projects in 2005,” Anzon said.
The Basker Manta oil development project is now entering its final months, having this week reached a 94% level of completion and with the Crystal Ocean and Basker Spirit undergoing upgrades in Singapore dockyards before returning to begin forecast production of 25,000 barrels of oil per day, anticipated in mid-October.
The project recorded a final capital cost estimate of $330 million, an 8.6% increase on the previously reported estimate.
Meanwhile, the JV is currently finalising the feasibility and conceptual design, as well as securing a market for gas produced from the Basker, Manta and Gummy fields.
Current estimates are to produce at least 50-60 terajoules per day starting in January 2008, with an accelerated development to deliver gas to the Eastern Gas Pipeline near Orbost in East Gippsland.
Anzon and Beach Petroleum each hold a 50% stake in the Basker-Manta-Gummy project.
