psc - Kufpec

KUFPEC intends to develop the WA-356-P gas reserves
through the Wheatstone LNG project. Several
project milestones and key elements were
achieved during 2010 in preparation for the Final
Investment Decision into the Wheatstone LNG
hub which will be operated by Chevron.
Serveral Wheatstone LNG Project Agreements
were signed at a ceremony that took place 9th December
in Perth.
In 2010, several LNG purchasers commenced due
Yacheng Field
(KUFPEC: 14.7%)
KUFPEC net production during 2010 was 7,179
boepd compared to 6,369 boepd in 2009. Increased
production was due to offtaker demand.
4 additional wells were drilled in 2010 to maintain
production levels. Negotiations were also completed
with CNOOC regarding the Y13-4 and Y13-
6 tie-in to Yacheng Field platform. This will allow
CNOOC to increase its production from the surdiligence
and negotiations on LNG Sales and
Equity Purchase with the WA-356 Joint Venturers.
As a result of this, a number of Heads of
Agreements have been finalized and signed.
LNG Sales and Equity Purchase meetings will
continue with LNG off-takers in 2011.
To comply with State regulations, the Wheatstone
Environmental Impact Study was released
for public comment in late 2010. In 2010 also
witnessed the signature of Wheatstone Native
Title Agreements.
WA-191-P
(KUFPEC: 33.4%)
The exploration well Finucane South-1 is scheduled
for drilling in mid 2011. This well will delineate
additional possible reserves which will form
WA-335-P
(KUFPEC: 24.5%)
This Permit was partially farmed-out to BHP in
2009. As part of the farm-out agreement, BHP ac-
PHILIPPINES
SC-60
(KUFPEC: 30%)
The exploration well Silangan-1ST was drilled in
Q3 2010. It failed to discover hydrocarbons. Operator,
Shell Philippines, acquired a CSEM (Con-
China
the basis of a joint development of the Fletcher
oil discovery. If successful, the development
project may be tied-back to Mutineer-Exeter
Field.
quired a new 3D seismic survey 2010. A decision
will be made in 2011 whether to drill a well.
trolled Source Electromagnetic Survey) in late
2010 to be evaluated in 2011 for the remaining
potential on the block.
rounding area and for Yacheng Joint Venture
Partners to receive tariffs for facility utilization.
A liquid gas manufacturing facility was constructed
during 2010 on Hainan Island and the
LPG sale contract concluded, with the first cargo
scheduled for the first half of 2011.
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