Finder Energy Accelerates Oilfield Development Offshore Timor Leste

Perth-based oil and gas exploration player Finder Energy has signed a development alliance agreement and accelerated front-end engineering and design (FEED) project agreement with U.S.-headquartered technology player SLB. The collaboration aims to expedite the development of two oilfields offshore Timor Leste.

The agreement allows for the mobilization of resources to accelerate the FEED stage of the Kuda Tasi and Jahal (KTJ) oilfield project. This acceleration will enable the completion of drilling and subsea portions within 6 to 9 months, 12 months earlier than initially planned. These fields are part of the production sharing contract (PSC) 19-11.

The AFP agreement encompasses pre-FEED and FEED work across all technical domains, including reservoir, subsea production systems (SPS), and well engineering.

Finder’s CEO, Damon Neaves, expressed excitement about the partnership: “Finder is pursuing an acceleration strategy to bring forward first oil at Kuda Tasi and Jahal. This alliance with SLB brings enormous resources and development capability to the project, not only accelerating FEED but establishing a pathway through to FID, the construction phase, and beyond.”

With the goal of reaching first oil faster, Finder is also focusing on critical aspects such as selecting a floating storage production and offloading (FPSO) unit and managing long leads, as these elements impact the timeline to first oil.

The integrated single-source solution, underpinned by the collaborative contracting model, is expected to reduce forward capital expenditure. The financial commitment net to Finder under the AFP agreement is estimated to be approximately $0.9 million.

An integrated project team led by Finder’s COO, Mark Roberson, has been established to deliver an end-to-end solution. The team comprises experts from various disciplines, including subsurface, well construction, and subsea production system engineering.

Finder Energy holds 76% and operates PSC 19-11, with the remaining 24% interest held by the state-owned Timor Gap. The ANP has approved a three-year extension of the PSC term, valid until August 29, 2027.

The KTJ project represents a significant economic potential, with the two fields boasting a combined capacity of 22 million barrels (MMbbl) gross 2C contingent resources. The initial development is expected to create opportunities for additional near-field development.

Finder Energy is actively de-risking key elements of the project to maximize its potential. Recent data interpretation for Kuda Tasi and Jahal will inform reservoir models, well placement, resource assessment, and economics.

This strategic partnership with SLB marks a crucial step towards accelerating the development of the KTJ project and achieving operational milestones efficiently.