Cooper Energy has bagged a contract from Pertamina, the Indonesian national oil company, to operate and develop the Sukananti, Tangai and Bunian oil fields (Sukananti KSO) in South Sumatra, Indonesia.
The Bunian oil field is currently producing at 60 barrels of oil per day through a single well. The Tangai oil field was producing through four wells and the Sukananti oil field was producing through a single well but these are now shut-in awaiting wellbore remediation and workover.
The three oil fields in the Sukananti KSO have produced 1.08 million barrels of oil to date. Cooper Energy is looking forward to develop the oil fields and recovering an additional one million barrels (P50) of oil. In addition to the development potential, there is exploration and appraisal potential within the block, which will be assessed as part of the work program.
Cooper Energy said that its winning program consists of a signature bonus of $861,888, 24sqkm of 3D seismic, a new development well, three well workovers and infrastructure upgrades. The expected total cost of the program over three years is $6.8m (100% JV).
The award of these oil fields to Cooper Energy is expected to allow the company to enhance its operations capability in Indonesia, generate revenue to fund its Indonesian ventures and open up further development opportunities in the country.
Cooper Energy’s 10% JV participant partner in the oil fields is Mega Adhyaksa Pratama, which is a private Indonesian company that worked with Cooper Energy to identify and secure the opportunity.
Michael Scott, managing director of Cooper Energy, said: “The award of the Sukananti contract is a positive step in our growth aspirations in Indonesia and we are looking forward to efficiently and effectively developing these oil fields and generating our first overseas production revenue. We are hoping that demonstration of our operational competence in the development of these oil fields will open up additional attractive development opportunities for us in Indonesia.”
The next step will be the signing of the contract with Pertamina, which will be followed by the transfer of field operations from Pertamina to Cooper Energy.