CPOC

CPOC Oil and Gas Concession Profile

Overview

The CPOC Oil and Gas Concession, operated by Carigali PTTEPI Operating Company Sdn. Bhd. (CPOC), is a joint venture between PTTEP International Limited (50%) and PC JDA Ltd. (50%). This concession is located in the offshore areas of Thailand and Malaysia, specifically within the Malaysia-Thailand Joint Development Area (MTJDA).

Location

The concession encompasses Blocks B-17, C-19, and B-17-01, situated offshore in the Gulf of Thailand. The approximate coordinates for the concession are 6.421, 103.2733 (WGS 84).

Project Details

• Operator and Owners: Carigali PTTEPI Operating Company Sdn. Bhd. (CPOC), with PTTEP International Limited and PC JDA Ltd. as the joint owners.
• Production Start Year: 2009.

Reserves and Production

As of the latest available data:

• Condensate Reserves:
  • 5.14 million barrels (1P reserves) as of 2021.
• Gas Reserves:
  • 7,125.02 million cubic meters (1P reserves) as of 2021.
• Oil Reserves:
  • 0.57 million barrels (1P reserves) as of 2021.
• Cumulative Production:
  • Condensate: 18.05 million barrels as of 2021
  • Gas: 20,385.39 million cubic meters as of 2021
  • Oil: 0.78 million barrels as of 2021.

Field Development

The concession includes several fields, notably the Muda Field, which has undergone significant development:

• Muda Field Development Project:
  • Phase I involved the installation of the Muda Processing Platform (MDPP), living quarters platform (MDLQ), and five wellhead platforms (Muda-A, Muda-B, Muda-C, Muda-D, and Jengka-A). This phase was executed by various contractors including SapuraKencana Petroleum Berhad and Malaysia Marine and Heavy Engineering (MMHE).
• Current and Future Development:
  • Phase 6 development includes drilling campaigns for multiple wells across different platforms (ADC, ADD, ADE, JKC, and JKD) with targets such as first gas production in December 2024. This phase also involves optimization and cost minimization strategies.

Operational Efficiency and Sustainability

CPOC has implemented several measures to enhance operational efficiency and sustainability:

• Chemical Consumption and Water Usage:
  • With the help of GE’s advanced cooling and chemical treatment technology, CPOC has reduced chemical consumption by 9.5 tons and decreased water usage, resulting in significant cost savings of $52 million per year. This has also minimized shutdown times and production losses.
• Awards and Recognition:
  • CPOC received the “Ecomagination Award” from GE for its achievements in reducing water and chemical consumption, highlighting its commitment to environmental and economic sustainability.

Budget and Work Program

For 2024, CPOC has a detailed budget and work program:

• Budget Booklet:
  • The budget includes approved figures for development and production activities, with a focus on quarterly periods and estimated costs. Any significant changes to the budget require prior approval from MTJA.
• Cost Minimization:
  • Targets include reducing costs by $23 million through tender negotiations, drilling and well service optimization, long-term contract optimization, and execution optimization on construction, engineering, and transportation and installation (T&I).

Key Activities and Milestones

• Drilling Campaigns:
  • Rig readiness for spud in September and October 2024, with multiple wells planned across different platforms.
• First Gas Production:
  • Targeted for Week 4 of December 2024.
• Engineering, Procurement, Construction, and Installation (EPCI):
  • Bidding and key deliverables for Phase 6 development, including survey, evaluation, drilling, and hook-up and commissioning activities.