By September 29, 2015 0 Comments Read More →

Freeport-McMoRan announces Gulf of Mexico oil find

Freeport-McMoRan says potential for several additional opportunities in area

Houston-based producer Freeport-McMoRan Oil & Gas has made a significant Gulf of Mexico find, which it hopes could produce as much as 30,000 b/d.

Freeport-McMoRanThe company said in a press release that the initial production from this well, which will be tied back to existing facilities, is expected in the first half 2017. The well, combined with two follow on development wells at Horn Mountain Deep, may be capable of producing an aggregate of 30,000 barrels of oil equivalents per day.

During September 2015, the 100 per cent owned Horn Mountain Deep well was drilled to a total depth of approximately 16,925 feet while drilling logs indicated that the well encountered a total of approximately 142 net feet of Middle Miocene oil pay with excellent reservoir characteristics.

In addition, these results indicate the presence of sand sections deeper than known pay sections in the field. The 100-per cent-owned Horn Mountain production facilities in Freeport-McMoRan O&G’s Mississippi Canyon area are capable of processing 75,000 b/d.

The positive results at Horn Mountain Deep and their geophysical data support the existence of prolific Middle Miocene reservoir potential for several additional opportunities in the area, including the 100-percent-owned Sugar, Rose, Fiesta, Platinum and Peach prospects with rights in over 55,000 acres.

Since commencing development activities in 2014 at its three 100-per cent-owned production platforms in the Deepwater GOM, Freeport-McMoRan O&G has drilled 12 wells, all with positive results. Three of these wells have been brought on production, and FM O&G plans to complete and place the remaining additional wells on production in late 2015, 2016 and 2017.

Freeport-McMoRan

Platforms in the Gulf of Mexico.

The success at Horn Mountain Deep follows the positive drilling results announced in July 2015 from three wells drilled in the Horn Mountain area, including the Quebec/Victory, Kilo/Oscar and Horn Mountain Updip tieback prospects.

In aggregate, these wells may be capable of producing over 27,000 BOE/d, with initial production expected in mid-year 2016.

Also during the third quarter of 2015, Freeport-McMoRan O&G drilled its second successful development well at its 100-per cent-owned King field, located in Mississippi Canyon in 5,200 feet of water. A third development well is in progress.

In total, these wells may be capable of producing 20,000 BOE/d, with initial production expected to commence in the fourth quarter of 2015.

Freeport-McMoRan O&G’s Marlin production facilities in the Mississippi Canyon focus area are capable of processing 60,000 b/d.

Completion activities of the previously drilled three well program at the 100-percent-owned Holstein Deep field are progressing on schedule with first production expected by mid-year 2016.

In total, the three wells are estimated to commence production at approximately 24,000 BOE/d. A fourth well is being planned as part of the second phase of the Holstein Deep program. Freeport-McMoRan O&G’s Holstein production facilities in the Green Canyon focus area are capable of processing 113,000 b/d.

Freeport-McMoRan O&G will continue to focus on its high return, low-risk tieback projects using its existing infrastructure (processing capacity of 250,000 b/d) and Deepwater GOM project inventory (over 150 undeveloped locations).

 

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