Thailand

Ophir has two producing assets in Thailand. It has a 100% operated interest in the Bualuang oil field in the Gulf of Thailand and a 9.5% interest in the Sinphuhorm gas field, onshore Northeast Thailand (held through Ophir’s shareholding in APICO LLC).

 

Thailand

There have been two phases of development to date and there is potential for a third phase to bring a significant proportion of the 15.5 mmbo of contingent resource on-stream. An investment decision on this is expected to be taken in 2016.


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Key highlights

  • Production from Bualuang and Sinphuhorm fields
  • 24.9 Mmbo of net 2P reserves in Bualuang field
  • 105 Bcf of net 2P reserves in Sinphuhorm field

Outlook

  • Soy Siam and Parichat exploration wells to be drilled in 2H 2015
  • Reviewing plans for next phase of Bualuang development with FID expected in 2016

100%

operated interest in the Bualuang oil field

The Bualuang oil field in the Gulf of Thailand has been on-stream since 2008. The field was initially thought to contain 15 mmbo of 2P reserves and have a productive life of approximately five years. However, the field has undergone numerous reserve upgrades and as at year end 2014 it had produced 20.4 mmbo and has certified 2P reserves of 24.9 mmbo.

There have been two phases of development to date and there is potential for a third phase to bring a significant proportion of the 15.5 mmbo of contingent resource on-stream. An investment decision on this is expected to be taken in 2016.

Further production comes from the Sinphuhorm gas field, located on the Khorat Plateau, onshore northeast Thailand, within two concessions covering Blocks E5N and EU1. Production from the field commenced in November 2006. The gas and liquids are transported through a 62 km pipeline to a gas processing plant located alongside the Nam Phong power station. At the gas processing plant, the liquids (including water) are removed. The dry gas is sold to PTT under a gas sales agreement and the condensate is sold to PTT under a separate sales agreement. The daily contracted quantity is 108 MMscfd and the gas sales agreement runs until 2021 with the potential to be extended by 10 years. The SPHE-1ST well was drilled in 2013 in concession L15/43 which neighbours the existing Sinphuhorm production area. The well was a discovery indicating that the field extends into L15/43. The Sinphuhorm GSA has provision to expand the contract area to include gas from L15/43 and APICO is working to conclude the negotiation.

Block G4/50 covers 2,906 sq km surrounding the Bualuang production licence and contains three sub-basins. Eighteen exploration drilling locations have received environmental approvals and two prospects have been high graded for the first exploration drilling campaign in 2H 2015.