Newfield makes oil discovery in PRMB - China
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Newfield Exploration scored at one of two wildcats it drilled in the Pearl River Mouth Basin during the first quarter of 2008. The Lufeng 7-2-1 well drilled in PSCA 16/05 encountered about 18.3m of net oil pay. With an objective in the Miocene Zhujiang Formation, it tested the first of a series of features on a structural ridge, with additional drilling planned for late 2008 or early 2009. Newfield operates with a 100% interest, subject to CNOOC's right to take a 51% interest during development. The discovery is on eastern end of the Dongsha uplift, about 60km north of the Lufeng 22-1 oil field. Earlier in the year, Newfield abandoned the HZ28-1-1 exploration well in block 17/08 as a dry hole.
This article is extracted from International Oil Letter, Vol 24 issue 18, published 5 May 2008.
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