Apsara Field’s Oil Production Lower Than Expectation, Affecting Firm’s Restructuring Plans

• 1 April 2021
• Uncategorized @km
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The oil production from five wells in Cambodia’s Apsara Field is lower than expected, providing less revenue and affecting the firm’s restructuring plan, according to a KrisEnergy announcement on 31 March.

KrisEnergy said in the announcement that it is evaluating and revising plans to make sure oil production hits the target.

The Apsara oil field started production from a single well, A-01D, on 28 December 2020. Four additional wells have been brought on stream since then.(Read more)

Even with all five wells, as of March 30, the gross production rate was only 2,493 barrels per day (bopd), and the highest production rate achieved was 3,534 bopd on 27 March 2021.

Consequently, the pre-development forecast of peak production of 7,500 bopd will not be achievable for Apsara Mini Phase 1A, said KrisEnergy.

The preliminary observations also indicate that the ultimate recovery from the five development wells is likely to be significantly lower than pre-development expectations as the limited continuity of the reservoirs encountered will decrease the original oil-in-place estimates associated with the producing wells, the firm added.

Faced with lower-than-expected oil production, the firm is now working closely with a third-party petroleum engineering consultant, Netherland, Sewell & Associates, Inc. (NSAI).

NSAI will be independently assessing the ultimate recovery from the current five development wells, of which the initial report is expected to conclude in April 2021.

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