Apsara field

Last updated

The Apsara field is a subsea oil field in Cambodian waters in the central Gulf of Thailand. Oil was discovered in the area in the early 2000s, but was produced only briefly in the early 2020s before the project collapsed after failing to meet production targets.

History

In 2002, Chevron acquired development rights to the region, and discovered oil in 2004. [1] [2] Chevron was unable to negotiate financial terms with the Cambodian government to develop the field, and in 2014 sold its rights to a 1,190 square miles (3,100 km2) region, including what would be developed as the Apsara field, to Singapore-based KrisEnergy for $65 million. [2] In August 2017, KrisEnergy and Cambodia announced that wells would be drilled in the field in the following years, with Cambodia taking a 5% ownership stake in the field, which would be the first to produce oil within the country. [2] Apsara was expected to yield about $500 million for the government from a production of about 30 million barrels of oil over nine years. [2] At the time, KrisEnergy expected to ship the first oil within two years from a single platform, with as many as ten operating at full buildout. [2]

Development of Apsara was delayed while KrisEnergy arranged financing for operations, ultimately securing an $87 million loan in April 2020 for construction of the first phase of the project, expected to produce 7,500 barrels of oil per day by the end of 2020. [3] By October, construction of the offshore platform was underway, with both a production barge and a drilling jackship at the Apsara site. [4] Production began on 28 December from a single well, with four more added in the early months of 2021. [5] However, production did not come close to projections, with a peak production by April of about 3,500 barrels per day and an average of about 2,800 barrels per day. [5] A subsequent analysis of the field by an outside consultant found that achievable extraction from the field would be far short of original estimates, and as a result KrisEnergy, which carried heavy debt that it had planned to service with revenue from the Apsara field, filed for liquidation in June; an announcement that was nevertheless followed days later by a ceremony in Cambodia to celebrate the country's oil production. [6] [7]

In total, about 300,000 barrels of oil were produced at Apsara and loaded onto the tanker Strovolos, which had been chartered by KrisEnergy. [8] [9] In June, with fuel oil on the ship running short, the captain of Strovolos sailed south towards Indonesia to resupply and change crews after KrisEnergy was unable to pay for additional fuel. [9] The following month, Cambodia alleged that its oil had been stolen and requested that Strovolos be seized; an Indonesian Navy vessel subsequently intercepted the tanker and impounded her near Batam. [8] [9] As a result of KrisEnergy's bankruptcy, the legal owner of the cargo of oil, with an estimated value of $20 million, was unclear, and World Tankers, the owner of Strovolos, refused to release the oil through late September, when Indonesian authorities arrested the ship's crew. [9]

Related Research Articles

<span class="mw-page-title-main">Oil platform</span> Large offshore structure with oil drilling and related facilities

An oil platform is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed. Many oil platforms will also have facilities to accommodate the workers, although it is also common to have a separate accommodation platform bridge linked to the production platform. Most commonly, oil platforms engage in activities on the continental shelf, though they can also be used in lakes, inshore waters, and inland seas. Depending on the circumstances, the platform may be fixed to the ocean floor, consist of an artificial island, or float. In some arrangements the main facility may have storage facilities for the processed oil. Remote subsea wells may also be connected to a platform by flow lines and by umbilical connections. These sub-sea facilities may include of one or more subsea wells or manifold centres for multiple wells.

<span class="mw-page-title-main">Chevron Corporation</span> American multinational energy corporation

Chevron Corporation is an American multinational energy corporation predominantly in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is headquartered in San Ramon, California, and active in more than 180 countries. Within oil and gas, Chevron is vertical integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.

<span class="mw-page-title-main">Petroleum industry</span> Extraction and sale of petroleum products

The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation, and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products.

<span class="mw-page-title-main">Hibernia oil field</span> Oil field in the North Atlantic Ocean

Hibernia is an oil field in the North Atlantic Ocean, approximately 315 kilometres (196 mi) east-southeast of St. John's, Newfoundland, Canada, in 80 m of water.

<span class="mw-page-title-main">Pertamina</span> Indonesian state-owned oil and natural gas corporation

PT Pertamina (Persero), formerly abbreviated from Perusahaan Pertambangan Minyak dan Gas Bumi Negara (lit. 'State Oil and Natural Gas Mining Company'), is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957). In 2020, the firm was the third-largest crude oil producer in Indonesia behind US-based companies ExxonMobil's Mobil Cepu Ltd and Chevron Pacific Indonesia. In 2013, Pertamina was included for the first time in the Fortune Global 500 list of companies, ranked at 122 with revenues of $70.9 billion, it was also the sole Indonesian company to be featured in the list. According to the 2020 Fortune list, Pertamina is the largest company in Indonesia.

<span class="mw-page-title-main">Petroleum industry in Canada</span>

Petroleum production in Canada is a major industry which is important to the economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.

Azeri–Chirag–Gunashli or Azeri–Chirag–Deepwater Gunashli is a complex of oil fields in the Caspian Sea, about 120 kilometres (75 mi) off the coast of Azerbaijan. It consists of the Azeri and Chirag oil fields, and the deepwater portion of the Gunashli oil field. An overall estimate of the area of the development is 432.4 square kilometres (167.0 sq mi). It is developed by the Azerbaijan International Operating Company, a consortium of international oil companies, and operated by BP on behalf of the consortium. The ACG fields have estimated recoverable reserves of about 5 to 6 billion barrels of petroleum. Peak oil production of 835,000 barrels per day (132,800 m3/d) was reached in 2010, however by the first quarter of 2022 production had declined to 434,000 barrels per day (69,000 m3/d), or about one-half of peak value. As of 2021, ACG oil accounted for 95% of all Azerbaijani oil exports.

<span class="mw-page-title-main">Mad Dog Oil Field</span>

Mad Dog Oil Field is an offshore oil field located along the Sigsbee Escarpment at Green Canyon blocks 825, 826 and 782, Western Atwater Foldbelt, Gulf of Mexico. The field is located about 190 miles (310 km) south of New Orleans and 150 miles (240 km) southwest of Venice, Louisiana, United States. It is in the depth of 5,000 to 7,000 feet of water.

<span class="mw-page-title-main">History of the petroleum industry in Canada (frontier exploration and development)</span>

Canada's early petroleum discoveries took place near population centres or along lines of penetration into the frontier.

Yme is an oil field in the Egersund basin area in the central part of the North Sea. It is located 160 kilometres (99 mi) northeast of the Ekofisk oil field. The water depth is 93 metres (305 ft). The field was discovered in 1987 and was developed by Statoil with production from 1996 to 2001. In 2001 low oil prices led to the abandonment of the field. After the production license was relinquished by Statoil, a new license group led by Talisman Energy was formed to redevelop the field. In 2007 Talisman was granted permission to redevelop the field. The redevelopment was unsuccessful and the newly installed Yme MOPU STOR was abandoned and decommissioned without having entered production. A new attempt called the Yme New Development was launched by the new operator Repsol, which involved reusing the subsea installations already in place. The Yme field began producing again in 2021, marking the first time that a previously abandoned Norwegian oil field has been restarted.

<span class="mw-page-title-main">Petroleum industry in China</span> Overview of the petroleum industry in China

The impact of the petroleum industry has been increasing globally as China ranks seventh for oil production and second in crude oil consumption in the world.

<span class="mw-page-title-main">Petroleum in the United States</span>

Petroleum has been a major industry in the United States since shortly after the oil discovery in the Oil Creek area of Titusville, Pennsylvania in 1859. The industry includes exploration, production, processing (refining), transportation, and marketing of natural gas and petroleum products. In 2018, the U.S. became the worlds largest crude oil producer, producing 15% of global crude oil, surpassing Russia and Saudi Arabia. The leading oil-producing area in the United States in 2019 was Texas, followed by the offshore federal zone of the Gulf of Mexico, North Dakota and New Mexico. In 2020, the top five U.S. oil producing states were Texas (43%), North Dakota (10.4%), New Mexico (9.2%), Oklahoma (4.1%), and Colorado (4.0%).

Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).

Prirazlomnoye field is an Arctic offshore oilfield located in the Pechora Sea, south of Novaya Zemlya, Russia, the first commercial offshore oil development in the Russian Arctic sector. The field development is based on the single stationary Prirazlomnaya platform, which is the first Arctic-class ice-resistant oil platform in the world. Commercial drilling was planned to begin in early 2012, however it was delayed at least until the Spring of 2013 due to protester's "safety concerns". Safety concerns have been raised about Prirazlomnoye platform, citing use of decommissioned equipment, however Gazprom's oil spill response plan for Prirazlomnaya was renewed in 2014, and most questions found its answers. The Arctic Prirazlomnoye field produced the 10 millionth barrel of Russian North Arctic Oil in March 2016.

FPSO <i>Noble Seillean</i>

The FPSO Noble Seillean was a dynamically positioned floating oil production, storage and offloading vessel.

<span class="mw-page-title-main">Offshore oil and gas in the Gulf of Mexico (United States)</span> Major petroleum-producing area

Offshore oil and gas in the Gulf of Mexico is a major source of oil and natural gas in the United States. The western and central Gulf of Mexico, which includes offshore Texas, Louisiana, Mississippi, and Alabama, is one of the major petroleum-producing areas of the United States. Oil production from US federal waters in the Gulf of Mexico reached an all-time annual high of 1.65 million barrels per day in 2017. Oil production is expected to continue the upward trend in 2018 and 2019, based on ten new oil fields which are planned to start production in those years. According to the Energy Information Administration, "Gulf of Mexico federal offshore oil production accounts for 15% of total U.S. crude oil production and federal offshore natural gas production in the Gulf accounts for 5% of total U.S. dry production."

The Rosebank oil and gas field lies west of Shetland. It is operated by Equinor; Suncor and Siccar Point Energy. The discovery well was drilled in 2004. A final investment decision for Rosebank is planned to be taken by May 2022. In 2022, Siccar Point Energy has been acquired by Ithaca Energy, a daughter company of Delek Group.

<span class="mw-page-title-main">Energy in Cambodia</span>

Cambodia had a total primary energy supply (TPES) of 5.48 Mtoe in 2012. Electricity consumption was 3.06 TWh. About one third of the energy came from oil products and about two thirds from biofuels and waste.

Par Pacific Holdings is a Houston-based American oil and gas exploration and production company. Known as Par Petroleum Corporation after it emerged from bankruptcy, it was renamed Par Pacific Holdings on October 20, 2015. As of 2017 it was a Fortune 1000 corporation.

KRI <i>John Lie</i> (358) Bung Tomo-class corvette of Indonesia

KRI John Lie (358) is a Bung Tomo-class corvette in service with the Indonesian Navy. She was originally built for the Royal Brunei Navy and launched as KDB Nakhoda Ragam. John Lie is named after Indonesian Navy officer and the first Chinese Indonesian admiral, Admiral John Lie Tjeng Tjoan.

References

  1. ↑ "Poor output at Cambodia's first oil well puts operator at risk". Nikkei Asia. 6 April 2021. Retrieved 5 October 2021.
  2. 1 2 3 4 5 "Cambodia, KrisEnergy sign deal to develop offshore oil field, first oil expected in 2019". CNBC. 23 August 2017. Retrieved 5 October 2021.
  3. ↑ "KrisEnergy Gets Kepinvest Support to Bring Cambodia Offshore Oil Project Online". Offshore Engineer. 23 September 2020. Retrieved 5 October 2021.
  4. ↑ "Drilling starts at Apsara offshore Cambodia". Offshore Magazine. 12 November 2020. Retrieved 5 October 2021.
  5. 1 2 "Low Output from Cambodia's First Offshore Oil Field Hits KrisEnergy's Restructuring Plans". Offshore Engineer. 31 March 2021. Retrieved 5 October 2021.
  6. ↑ "Cambodia's oil dream dealt blow as driller files for liquidation". Nikkei Asia. 7 June 2021. Retrieved 5 October 2021.
  7. ↑ "Cambodia unclear on oil plans after partner heads towards liquidation". Reuters. 10 June 2021. Retrieved 5 October 2021.
  8. 1 2 "Cambodia's oil export ambitions sink with "stolen" tanker standoff". Reuters. 27 August 2021. Retrieved 5 October 2021.
  9. 1 2 3 4 "Tanker Crew Caught in the Middle After Cambodia's Offshore Oil Debacle". The Maritime Executive. 27 September 2021. Retrieved 5 October 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.