McKee field may be worth $600M

Press, 24 June 1981, Page 24

McKee field may be worth $600M

The Petroleum ' Corporation’s McKee field might yield oil worth more than $6OO million at present prices, and provide about 3 per cent of the country's oil consumption. This is based on a statement by the corporation that daily production might be 3000 barrels a day for 15 years. It said in a statement that. an interpretation of the field's seismic survey showed the field to be an anticline about 2.5 km long and I.skm wide. "The daily production from the McKee field is provisionally expected to

average in excess of 3.000 barrels of oil per day with 2.500.000 cubic feet of natural gas," it said. "The life of the field flowing at these rates will be in the order of 15 years. At higher production rates the estimated life of the field would be reduced. These figures are dependent on the results of further drilling on the field." The corporation said that the survey also defined a further structure to the south-west of the McKee field, but separated from it by a fault. "In view of the close prox-

imitiy of this structure and the possible need to rationalise surface production facilities with those being planned for the McKee field, it is planned to drill a well on the southern structure immediately, to test its potential. "The structure is the Rimutauteka structure, and the well will be call Rimu-1. It is proposed to commence drilling. Rimu-1 early in August on a location about Ikm east of Rimutauteka road, and 2km south-west of McKee-2. Subsequently the rig will drill productibn/appraisal wells on the McKee field.”