Operations Review
The combined production from these three producing fields in 2010 totaled 174,868 barrels which was 4.9% lower than the previous year’s (2009) total output of 183,892 barrels. The slight decrease is attributed to North Matinloc’s lower output particularly during the second quarter. Summary of the 2010 production from the three fields is shown below:
2010 Crude Oil Production Summary
(in barrels)
|
Nido |
Matinloc |
North Matinloc |
2010 Total |
2009 Total |
January |
12,025 |
3,558 |
1,338 |
16,921 |
17,651 |
February |
0 |
7,308 |
3,321 |
10,629 |
7,793 |
March |
10,889 |
6,291 |
2,510 |
19,690 |
16,937 |
April |
12,175 |
6,872 |
2,070 |
21,117 |
8,830 |
May |
0 |
3,412 |
359 |
3,771 |
18,023 |
June |
12,273 |
4,651 |
973 |
17,897 |
18,841 |
July |
0 |
8,259 |
812 |
9,071 |
10,785 |
August |
11,590 |
4,024 |
1,264 |
16,878 |
20,413 |
September |
6,486 |
7,036 |
1,435 |
14,957 |
9,300 |
October |
8,210 |
6,307 |
1,826 |
16,503 |
17,997 |
November |
6,477 |
6,066 |
1,154 |
13,460 |
23,419 |
December |
6,391 |
5,859 |
1,675 |
13,974 |
13,903 |
Total |
86,625 |
69,506 |
18,737 |
174,868 |
183,892 |
The consortium completed a total of nine (9) shipments from the three fields in 2010, all with Pilipinas Shell. The yearly crude sale and purchase agreement with Shell, which expired last month, was renewed in March 2011.
Nido 1X1 Proposed Study and Development
Philodrill as Operator of the SC 14A block, proposed a re-evaluation of the Nido 1X1 discovery as a joint venture undertaking. The proposal called for the conduct of special processing of about 40 sq km of 3D seismic data covering the Nido-1X1 structure that will help in the robust calculation of potential reserves for the Nido 1X1 field and identification of the best drilling location for any new production well/s.
In order to save on reprocessing costs, Philodrill is currently negotiating with Nido Petroleum, Operator of the adjoining block SC54A, where the Nido 1X1 structure is partly located. The proposal is for the two sides to share costs on the common area of interest.
Early this year, Philodrill have procured for the consortium the necessary additional 3D seismic license to cover the Nido1X1 area from geophysical contractor Western Geco.
The Nido 1X1 well is a 1979 discovery made by then block operator Philippines – Cities Service, Inc. The well flowed about 2,100 bopd during drill stem tests. |
