Nido sells first Tindalo stem

Release Date: 2010-08-19

Australian outfit Nido Petroleum has confirmed a deal to sell its first crude cargo from the Tindalo development off the Philippines.

The stem of around 215,000 barrels will be sold to a buyer from South Korea with lifitn expected next month.

Meanwhile, the company has completed a shutdown and production processing system upgrade resulting in an improvement in the water handling capability of the system. In addition plans are finalised for the disposal of the produced water currently held in the tanks of the FSO and water disposal is expected to commence in the next week. Work is continuing offshore to optimise production performance whilst meeting the stringent environmental compliance requirements of the Philippines.

Nido said about 177,000 barrels of oil were in the storage tanks of the FSO with an average daily production rate of 1535 barrels of oil per day.

Nido has a 42.4% stake in Tindalo as operator, with Kairiki Energy on 30.1%, Trafigura Ventures with 15% and TG World Energy on 12.5%.

Type:	NORMAL
Url:	http://www.upstreamonline.com/live/article226661.ece