Group to develop Tindalo oil off Philippines

A group led by Nido Petroleum Ltd., Perth, made the final investment decision to develop Tindalo oil field on Service Contract 54 Block A off Northwest Palawan Island in the Philippines.

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Dec. 14 -- A group led by Nido Petroleum Ltd., Perth, made the final investment decision to develop Tindalo oil field on Service Contract 54 Block A off Northwest Palawan Island in the Philippines.

Oil production is to begin in second-quarter 2010 and reach a plateau of 7,000 to 15,000 b/d. Most likely recoverable volume is 5.1 million bbl, and the range is 1.5-9.1 million bbl.

Costs are less than $20 million to the start of production followed by $250,000/day for operations while on production.

The October 2008 Tindalo discovery well is in 100 m of water. The reservoir is a Miocene pinnacle reef with a 124-144 m oil column.

A jack up rig will serve as a production platform, and a floating storage and offtake vessel will receive the oil (OGJ Online, May 18, 2009).

Interests in the project are Nido Petroleum Philippines Pty. Ltd., operator, 50%, Yilgarn Petroleum Philippines Pty. Ltd., a subsidiary of Kairiki Energy Ltd., Perth, 35%, and Trafigura Ventures III BV 15%.

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