Octanex: First oil flows at Ophir field (Malaysia)

Australia-based oil and gas company Octanex has achieved first oil from its Ophir field, offshore Malaysia.

The field started producing on October 20, however, Octanex made the first oil announcement on November 10.

Namely, according to Octanex, ‘First Oil’ is contractually defined as 20 days production from a consecutive 25 days.

Octanex has shared that production during this period has been constrained to a maximum of 3,000 bopd.

“A de-bottle necking phase of commissioning is underway. Octanex expects that the first lifting of Ophir crude will occur in December 2017,” Octanex said.

The Ophir field is located offshore Peninsular Malaysia, with a water depth of approximately 70 meters. It is being developed via three production wells, a well head platform (WHP) and Floating Production Storage and Offload (FPSO) vessel.

The Ophir field is being developed under a Risk Service Contract granted in 2014 to Ophir Production Sdn Bhd (OPSB).

Octanex holds a 50% interest in OPSB and its joint venture shareholders in OPSB are Scomi with 30% and Vestigo Petroleum Sdn Bhd with 20%. Scomi is a subsidiary of Scomi Energy Services Bhd, a Malaysian downstream oil and gas services company.

Vestigo Petroleum, formed in 2013, is a subsidiary of Petronas Carigali Sdn Bhd focused on the development of small, marginal and mature fields.

Petronas introduced the Risk Service Contract (RSC) as a petroleum arrangement designed with the objective of intensifying upstream Malaysian oil and gas activities and developing smaller, stranded oil and gas resources.

Under the terms of the RSC, the contractor is the service provider and Operator of the field, while Petronas is the resource owner. Upfront investment of capital is contributed by the Contractor, with the Contractor compensated via the reimbursement of costs plus a remuneration fee for services rendered. The remuneration fee is linked to production volume and capital cost key performance indicators, and paid from proceeds of Ophir crude sales.

 

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