Oseil Field

The Seram Project contains the producing Oseil oilfield and surrounding structures which have since initial field start-up in January 2003, produced cumulative crude oil production of 15,706,760 barrels as at 31 December 2016 accompanied by 6.50 BCF of natural gas, most of which gas is utilised to generate electricity on site for the operations. Proven (1P) remaining reserves are 4881mbbl (as of 31 December 2015).
Investment in the Oseil Field Phase 1 Development commenced in January 2000 and Phase 2 in March 2004.  The area of Phase 1 and Phase 2 Development covered the Oseil-1/4 and Oseil-2 areas and provided for the drilling of 18 wells, which have been drilled.

Phase 3 Development

The Seram Joint Venture has secured all external approvals for a third phase of development drilling on the Oseil field (referred to by the regulators as a Plan of Further Development or POFD).  The Phase 3 development plan includes the drilling of up to 10 additional horizontal wells in the Oseil-2 area.  The Phase 3 POFD was formally approved by the Indonesian regulatory body, SKK Migas, on 5 May 2015. A total of 6 wells have been drilled so far as part of the Phase 3 plan with total field production averaging approximately 3,500 bopd for the September 2016 quarter.