Gulf Oil and Gas accountACCOUNT

Central Java's Trembul Field Holds 32.8M Barrels of Oil

Source: www.gulfoilandgas.com 3/23/2015, Location: Asia

Singapore-listed GSS Energy Limited (GSS Energy, and together with its subsidiaries, the Group) reported that it has received the Qualified Person’s Report (QPR) on the reserves and contingent resources of the old oil wells located in the District of Trembul, Central Java, Indonesia. PT Cepu Sakti Energy (CSE), a subsidiary of GSS Energy, had been granted the rights to manage and operate on the Trembul field, together with four other oil fields in Indonesia.

The QPR issued by Senergy Oil & Gas (Singapore) Pte Ltd, an SGX-recognized independent evaluator, concludes that the best estimate for stock tank oil initially-in-place is 32.8 million barrels. The net Proved, Probable and Possible (3P) Reserves attributable to the Group are 3.0 million stock tank barrels, and the net high estimate Contingent Resources attributable to the Group are 5.9 million stock tank barrels. CSE currently has the rights to operate on five oil fields under the old wells program in Indonesia.

The two fields already under production have an estimated net 3P Reserves of 10.4 million stock tank barrels and net high estimate Contingent Resources of 9.9 million stock tank barrels attributable to the Group. With the evaluation for three out of the total five fields, the aggregated 3P Reserves and high estimate Contingent Resources of the Group account for 13.4 million and 15.8 million stock tank barrels, respectively.

Commenting on the QPR for the Trembul field, Sydney Yeung, CEO of GSS Energy, commented, "We are pleased to see the Group’s evaluated 3P reserves grow by 29 percent to 13.4 million stock tank barrels. In addition, Trembul’s net 5.9 million stock tank barrels of high estimate Contingent Resources are quite substantial, especially as the contingency primarily relates to the contract extension for the field after 2020, which we are fairly confident to obtain.” The Qualified Person’s Report will be available for viewing at GSS Energy’s office.

Production News in Indonesia >>

Mexico >>  5/17/2019 - ExxonMobil said a new study estimates the company’s development of Permian Basin resources in New Mexico will generate approximately $64 billion in ne...
Morocco >>  5/17/2019 - SDX Energy, the North Africa-focused oil and gas company, has announced its financial and operating results for the three months ended March 31, 2019 ...

Iraq >>  5/16/2019 - Gazprom Neft subsidiary Gazprom Neft Middle East B.V. has produced its two-millionth tonne of oil since starting commercial production at its Sarqala ...
Norway >>  5/15/2019 - In connection with loading oil from buoy to shuttle tanker on the North Sea Statfjord field, oil was observed on the sea surface early this morning, 1...

United States >>  5/14/2019 - McDermott International, Inc. (MDR) announced that Train 1 of the Cameron LNG project in Hackberry, La., has begun producing liquefied natural gas (LN...
Russia >>  5/9/2019 - Exillon Energy plc (Exillon Energy), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Indonesia >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.