01-11-2012, 08:20 PM
PNG drilling spree to continue: Talisman
Wednesday, 11 January 2012
TALISMAN Energy has reduced its annual capital expenditure budget by 11% to $US4 billion in 2012 but still has 10 planned wells in Southeast Asia to test targets in Papua New Guinea, Malaysia and Vietnam.
Final mobilisation of the Parker Rig 226 at the Elevala-2 well pad before it spudded.Image courtesy of Horizon Oil.
One of the wells included in this count is the Horizon Oil-operated Elevala-2 appraisal well, which is 40%-owned by Talisman, in PNG’s Western province.
While it was spudded and hit an 18m gross gas and condensate interval during December – with a slightly better pay zone identified than its predecessor Elevala-1 well – the secondary Toro sandstone target was dry and a sidetrack was underway early this month.
With a budget of $600-700 million for exploration and development in Southeast Asia, Talisman said the wells in the region would support its ongoing gas aggregation plans in PNG along with new opportunities in Vietnam and Malaysia.
“Drilling will continue in PNG, and we will shoot additional seismic to prepare the next drilling prospects,” Talisman said.
Talisman’s total expenditure budget for 2012 was $500 million less than last year but it was mainly due to cutbacks in the North America region, with its budget falling by $400 million year-on-year.
Once drilling at the Elevala-2 sidetrack is complete, the Parker Rig 226 is expected to spud the Ketu-2 appraisal/development well, which is in the same licence (PRL21).
PRL 21 is owned by Horizon (45%), Talisman (40%) and Kina Petroleum (15%).
Talisman is also partnered up with Eaglewood Energy and New Guinea Energy in PNG and its gas aggregation strategy is pursuing a target of 2-4 trillion cubic feet of gas for commercialisation through LNG.
Wednesday, 11 January 2012
TALISMAN Energy has reduced its annual capital expenditure budget by 11% to $US4 billion in 2012 but still has 10 planned wells in Southeast Asia to test targets in Papua New Guinea, Malaysia and Vietnam.
Final mobilisation of the Parker Rig 226 at the Elevala-2 well pad before it spudded.Image courtesy of Horizon Oil.
One of the wells included in this count is the Horizon Oil-operated Elevala-2 appraisal well, which is 40%-owned by Talisman, in PNG’s Western province.
While it was spudded and hit an 18m gross gas and condensate interval during December – with a slightly better pay zone identified than its predecessor Elevala-1 well – the secondary Toro sandstone target was dry and a sidetrack was underway early this month.
With a budget of $600-700 million for exploration and development in Southeast Asia, Talisman said the wells in the region would support its ongoing gas aggregation plans in PNG along with new opportunities in Vietnam and Malaysia.
“Drilling will continue in PNG, and we will shoot additional seismic to prepare the next drilling prospects,” Talisman said.
Talisman’s total expenditure budget for 2012 was $500 million less than last year but it was mainly due to cutbacks in the North America region, with its budget falling by $400 million year-on-year.
Once drilling at the Elevala-2 sidetrack is complete, the Parker Rig 226 is expected to spud the Ketu-2 appraisal/development well, which is in the same licence (PRL21).
PRL 21 is owned by Horizon (45%), Talisman (40%) and Kina Petroleum (15%).
Talisman is also partnered up with Eaglewood Energy and New Guinea Energy in PNG and its gas aggregation strategy is pursuing a target of 2-4 trillion cubic feet of gas for commercialisation through LNG.