Phillips Petroleum Co. is appraising giant Penglai 19-3 field in Bohai Bay to determine its commercial potential.
Phillips has drilled eight wells in the field, discovered in July 1999, but had booked no reserves there as of yearend 1999. Last November it said results of the fifth well would add to the company's October 1999 reserves estimate of 400 million bbl (OGJ, Nov. 15, 1999, p. 34).
Phillips let a contract to Petroleum Geo-Services for what PGS termed the industry's largest seafloor multicomponent seismic contract, starting this spring and extending for several months. Aims is to better image PL 19-3 reservoirs.
The company plans to drill four wildcats on unexplored features this year on the 2.3-million-acre Bozhong 11/05 block.
Phillips, which acquired rights to explore the block in 1994, is evaluating the commerciality of three 1997-98 discoveries on 11/05: BZ 22-2-1, PL 14-3-1, and BZ 36-2-1.
Phillips holds 100% working interest in the block, and China National Offshore Oil Corp. has the right to acquire as much as 51% interest in any development.
