Phillips appraising giant Bohai Bay field

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 t...

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