SYDNEY (Yosefardi) – AWE targets first oil production at Ande Ande Lumut oil project, Northwest Natuna PSC, to take place in 2017.
The company plans FID for 2014-2015 following completion of the FPSO tender process. Estimated cepex of US$800 million for 101 mmbbl K Sand only (approximately US$150 million, including proportion of carry, AWE share pre first oil).
AWE had completed the sale of 50% interest in Northwest Natuna PSC, including Ande Ande Lumut oil project, to Santos for US$188 million. Then, operatorship has transferred to Santos.
AWE is also operator to undertake FEED and gas commercialisation studies this year for lengo-2 of Bulu PSC. It is also evaluating opportunities for exploration drilling or gathering 3D seismic data at North Madura PSC.
AWE is now reviewing prospects and leads in East Java acreage, with intial focus on Terumbu PSC.