Thai oil and gas company PTTEP has celebrated a gas and condensate discovery at Orchid-1, the first exploration well in Permit AC/P54 located in the Timor Sea, offshore Australia.
This was revealed by Phongsthorn Thavisin, President and CEO of PTTEP, who said in a statement that PTTEP Australasia had made the discovery after the well had been spudded in January and drilled to a depth of 2,925m.
The well encountered gas and condensate with the net pay thickness around 34 meters.
“The result is in line with PTTEP’s expectation and will be incorporated into development planning of Cash-Maple field which contains 3.5 TCF of resources,” PTTEP said.
According to reports, the well was drilled by Transocean’s GSF Development Driller 1 semi-submersible drilling rig.
AC/P54 is within an exploration permit that includes AC/L3, AC/RL4, AC/RL5, AC/RL6, AC/RL7 (Cash-Maple field), AC/RL10, AC/RL12 off northern Western Australia.
PTTEP has indicated that preliminary concepts for the project would include conventional LNG and Floating Liquefied Natural Gas (FLNG) options, with full development subject to a multi-billion dollar investment.