Petronas gives nod for Bentara oil field development

Roc Oil Company Limited has informed that BC Petroleum Sdn Bhd (BCP), the 48% owned company incorporated to operate and manage the Balai Cluster Risk Service Contract (RSC), has received approval of the FDP from PETRONAS for the initial phase in the development of the Bentara Oil Field within the Balai Cluster.

Commenting on the FDP approval ROC’s Chief Executive Officer Mr Alan Linn said: “Approval for the initial phase of the Bentara oil development is a direct outcome of the risk managed and staged pre development
approach implemented by BCP to appraise and accelerate oil production from the Balai Cluster. In the process, we have also identified additional potential within the cluster area and will be proposing further study and appraisal activity in support of the next stage of potential development from Bentara and associated fields”.

Phase I Development

Phase I of the Bentara field development will utilise the existing platform and two wells, producing from both Bentara-2 and Bentara-3 through the EPV Balai Mutiara. The EPV will initially undertake production processing in the same configuration used during the extended well testing phase, however, both wells will be produced simultaneously.

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Production is expected to begin during Q2 2014. The field is expected to produce at an average rate of approximately 2,000-3,000i bopd gross during the period, where weather and sea conditions allow the EPV connection to the platform to be maintained.

The FDP requires minimal further investment with all cost expected to be funded from cash flows. ROC as a shareholder of BCP receives cost recovery for past expenditure and this is currently anticipated to occur over the period 2H 2014 to end 2015. The bank funding in BCP of US$162 million will be repaid in full by the end of 2014.

 

Press Release, March 25, 2014

 

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