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Mubadala Energy makes second “game-changing” natural gas discovery offshore Indonesia
(WO) – Mubadala Energy announced another “substantial” natural gas discovery from the Tangkulo-1 exploration well, drilled in South Andaman, about 65 km offshore North Sumatra, Indonesia. This back-to-back discovery, combined with the company's earlier discovery at Layaran-1, has the potential for over 2 Tcf of gas-in-place and positions South Andaman as one of the world’s most important natural gas plays
The natural gas discovery marks the second deepwater well operated by the company. Tangkulo-1 was drilled to a depth of 3,400 m in 1,200 m water depth, just a few months after another major discovery at the Layaran-1 well, also in South Andaman.
The Tangkulo-1 well encountered 80 m of gas column in a good quality Oligocene sandstone reservoir confirmed through an extensive data gathering campaign that includes obtaining a full core of 72 m, wireline logging, sidewall core, pressure and fluid sampling.
Utilizing a new Drill Stem Test (DST) design, the well successfully flowed 47 MMcfd of excellent gas quality and 1,300 bbl of condensate. Although testing was constrained by testing facilities, the estimated well capacity is 80-100 MMcfd and over 2,000 bbl of condensate.
Mansoor Mohammed Al Hamed, CEO, Mubadala Energy, commented, “When added to our recent success at Layaran-1, this game-changing discovery promises to transform Indonesia’s and Southeast Asia’s energy landscape and demonstrates that South Andaman is one of the world’s most exciting energy plays.
By working with partners and harnessing our world class technical capabilities, I am confident we can realize the full potential of this block, in line with our commitment to support the government’s ambitious development timeframes. This news also strengthens our ability to play a proactive role in the energy transition through our gas biased strategy.”
With an 80% working interest in South Andaman, Mubadala Energy is the largest net acreage holder in the area. In line with company’s gas-biased strategy, Tangkulo-1 is an important pillar in the cluster’s development story, with the discovery unlocking further potential in the southern part of the block and indicating an additional multi-Tcf of prospective natural gas resources in nearby structures.
Mubadala Energy announced its first discovery in the cluster in Dec. 2023. The Layaran-1 exploration well, roughly 100 km offshore Indonesia, successfully flowed over 30 MMcfd of excellent gas quality, according to a company statement.
Truly “Game Changing” discovery here, hopefully we now have a second Qatar in our hands!
** UAE's Mubadala Energy announces that the Tangkulo-1 exploration well has made significant gas discovery on the South Andaman license in which HBR holds a 20% interest
** Co says this follows another recent discovery from the Layaran-1 offshore exploration well in South Andaman in December 2023
oil struggling yeilds and $ flat will yesterdays news give it a boost
bit **** pooryesterday considering
I especially like this bit…..
“I am confident we can realize the full potential of this block, in line with our commitment to support the government’s ambitious development timeframes.”
Don’t feed the Fish…….
If we are talking about needle moving events, LBEs prospect is bigger and with a 10m mcap...go figure that one out
Agreed, Andaman easily has the potential to become another Qatar+, back to back discoveries look enormous, returns here will be extremely lucrative overtime.
'Game-changing': Mubadala Energy confirms another giant gas discovery offshore Indonesia
Back-to-back discovery with potential for more than 2 trillion cubic feet of gas-in-place positions South Andaman 'as one of the world’s most important gas plays'
https://www.upstreamonline.com/exploration/game-changing-mubadala-energy-confirms-another-giant-gas-discovery-offshore-indonesia/2-1-1642620
Theres been that many majir discoveries in the last 2 years the Rockerfellas claim to fossil fuel seems to be teetering g on a knife edge
Trump gets in be a freind to oil but you'll see the mkt flooded and the price down
But her hoping it goes up alot more b4 that happens 😉
Looking forward to more Short Position Closures here in coming days and of course the Dividend Payment next week on the 22nd.
“A dividend re-investment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the company. The last date to elect for the DRIP in respect of this dividend is 26 April 2024.”