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Operations Review
The combined oil production from the
Nido and Matinloc Fields in 2008 totaled 133,806 barrels which was
about 27.6% lower than the previous year’s (2007) total output of
184,548 barrels. The significant drop is attributed to the less
frequent liftings due to the unavailability of double-hulled
lifting/shuttle vessels, as required by MARINA, especially during
the middle part of the year. Summary of the 2008 production from
both fields is tabulated below:
2008 Crude Oil Production Summary
(in barrels)
|
|
Nido |
Matinloc |
2008 Total |
2007 Total |
|
January |
12,516 |
5,313 |
17,829 |
7,868 |
|
February |
0 |
4,083 |
4,083 |
21,062 |
|
March |
12,529 |
7,690 |
20,219 |
20,059 |
|
April |
12,592 |
6,998 |
19,590 |
19,516 |
|
May |
0 |
0 |
0 |
11,916 |
|
June |
0 |
0 |
0 |
18,964 |
|
July |
6,731 |
0 |
6,731 |
18,814 |
|
August |
4,583 |
4,886 |
9,469 |
4,192 |
|
September |
0 |
2,245 |
2,245 |
18,668 |
|
October |
15,052 |
5,479 |
20,531 |
17,902 |
|
November |
11,923 |
5,363 |
17,286 |
4,458 |
|
December |
11,805 |
4,018 |
15,823 |
21,129 |
|
Total |
87,731 |
46,075 |
133,806 |
184,548 |
The consortium completed a total of
thirteen (13) shipments from the Nido and Matinloc Fields in 2008,
all with Pilipinas Shell Petroleum Corporation. Both fields
continue to be produced under a new one-year crude oil sales
agreement with Pilipinas Shell signed last January 29, 2009. Total
deliverable quantity of Nido and Matinloc crude under this agreement
is equivalent to 200,000 barrels, subject to ten percent (+/- 10%)
operational tolerance and to be delivered in parcels of 13,000 to
23,000 barrels.
The consortium negotiated with Delsan
Shipping for the reduction of shipping and transport costs from the
current time charter rate which comes to about 55% of the gross
proceeds to a flat rate of 38% of the gross. Delsan agreed to the
new sharing scheme effective March 1, 2009.
The consortium continued implementing
projects aimed at improving existing facilities, enhancing
production, and mitigating operational hazards to the environment
and personnel at the sites. Early in the year, the installation of
new fire deluge systems for the Nido platforms was started as an
offshoot to the successful installation of a cost effective system
at the Matinloc platform in 2007. Also, the new 3-phase pump
system for the Nido B wells which was fabricated by a German
contractor, was commissioned in March 2008, sustaining production
levels from the Nido B wells.
Aquatrade, our contractor for the
underwater inspection of the facilities, completed the inspection of
the shallower sections of the platforms during the First Quarter of
2008. They deferred the inspection of the Nido-Matinloc pipeline
and deeper sections of the platforms for the 2nd Quarter
2009. Systems Inc., on the other hand, completed their
environmental impact monitoring for the dry and wet season of 2008,
with results indicating that operation activities both in the Nido
and Matinloc areas have no perceptible impact on the marine
environment. Results of the monitoring and baseline studies are now
being finalized.
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