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| Meruap Technical Assistance Contract |
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Meruap BV’s only commercial activity is it’s 30% WI in the Meruap Technical Assistance Contract (TAC). The other partner in the TAC is an Indonesian Company, PT BWP Meruap, holding 70% WI, which is also the operator of the field. The Meruap TAC had been executed in July 1994 for a period of 20 years. The license period under the TAC is scheduled to come to an end in July 2014.
The block (245.94 km2) is located in the southern part of South Sumatra Basin (Palembang Sub-Basin). The area contains Meruap Oil Field together with one other identified prospect. The field was originally discovered by Huffco in 1974, production commenced in July 1996 and to date 34 exploratory and development wells have been drilled. The Meruap Field is a WNW-ESE trending four-way dipped closed asymmetrical anticline containing light oil (between 40-45° API) in multiple stacked (Air Benakat Fm.) sands at a depth of 400-1300m.
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| Till December 2010, the Meruap Field has produced more than 10 Million barrels of oil (MMBO), from more than 30 development wells. Currently, the production from the block is close to 3500 barrels of oil per day (BOPD). Estimated remaining 2P reserves recoverable upto the end of license period is 6.5 Million barrels of oil (MMBO) of which Meruap’s BV share is 1.94 MMBO. Future drilling expenditure has been planned in order to augment higher production. |
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