Cobalt International is pushing hard with its plans for a 1 Bbbl development offshore Angola that will take in both its major Orca deepwater discovery earlier this year as well as the 2013 Lontra accumulation.

After the Orca find, which Cobalt says contains between 400 and 700 MMbbl of oil, the US independent is moving forward with a project plan involving further appraisal drilling and what appears to be an aggressive four to five-year development schedule.

“In addition to our ongoing drilling operations we are actively pursuing a strategy to accelerate the appraisal and development of the Greater Orca block for development,” said chairman and CEO Joe Bryant. “This strategy could include optimising recovery of hydrocarbons at the Orca and Lontra discoveries ...which would result in the development of up to one billion barrels of oil in a single development.”

He said the new mega project would follow the development of the Cameia discovery also offshore Angola, where Cobalt has just completed a third appraisal well.

Both projects are likely to involve leased FPSOs in a phased development process, Cobalt has indicated previously. Although Cobalt previously suggested three FPSOs would be required for the block, Bryant’s comments appear to indicate it has decided to settle on a combined development for Orca and Lontra.

“Our objective is to bring the …project on production as soon as possible after the Cameia project in the 2018 to 2019 time frame,” said Bryant.

Orca was a significant find in May this year after the Orca-1 well in Block 20 was drilled to a depth of 3,872 m (12,073 ft) and hit 76 m (250 ft) of net oil. The Lontra-1 well was drilled to a depth of 4,195 m (13,763?ft), and hit another 75 m (250 ft) of net pay in a high-quality reservoir in Block 21.

Putting the size of Orca in context, Bryant said it was “our largest discovery to date with a resources range of 400 to 700 million barrels of oil. It is also likely to be one of the largest discoveries by the industry worldwide in some time”. Orca is the company’s fifth discovery in Angola’s presalt deepwater Kwanza basin.

At Cameia, Bryant indicated Cobalt will seek project sanction by the end of this year, aiming for first production in 2017, after submitting a development plan to block concessionaire Sonangol in May.

Without specifying the exact concept for Cameia, Bryant did say in a second quarter conference call that it would be a hub development capable of providing 100,000 b/d of oil production, which could take in other nearby prospects including Mavinga, also in block 21. However a leased FPSO is the favoured solution, DI understands.

Meanwhile Cobalt’s active drilling program continues with another presalt test offshore Angola using semisubmersible Petroserv Catarina rig on the Loengo-1 prospect imminently. Loengo 1 – described by Bryant as a 750 MMbbl prospect – is due to be drilled in Block 9 where Cobalt also operates with 40%.

Recently the company obtained with its partners a two-year extension to the license and Bryant said success at Loengo could have “positive implications” for a number of other prospects in the company’s Angolan presalt inventory.

The well is due to be drilled after the company completes its operated Cameia-3 appraisal well. That was drilled following a successful test at Orca-1.

Detailing results from the Cameia-3 well, Bryant said: “As anticipated we found a very thick, high quality reservoir which contains some of the best rocks that we have seen or drilled in the Kwanza Basin.” He continued: “The flow test, which was the longest flow test conducted to date in the Kwanza Basin, confirms that this reservoir will flow very high rates once on production, and it goes a long way to confirm the scale of the field’s reserves.”

Cameia-3 is set to be used as a producer in a forthcoming development.

• In the US Gulf Cobalt said a first development well is now underway at the Anadarko-operated Heidelberg field – where it holds 9.375% equity – from which first production is due 2016.

Also a second appraisal at the Shenandoah discovery – also Anadarko operated – kicked off in May in Walker Ridge Block 52 where Cobalt holds 20%.

But other deepwater drilling in the US Gulf has hit trouble: “Due to mechanical difficulty, the Anchor-1 well has been junked and abandoned prior to reaching its geologic objectives,” Cobalt revealed. Results from the replacement Anchor 1A well are anticipated in early 2015.

Bryant said the Chevron-operated Anchor-1 well had not penetrated the target horizons before well problems became apparent, and he underlined no conclusions could yet be reached about the prospectivity of that target.

An appraisal well on the Shell-operated Yucatan prospect is also close to completion, where Cobalt has a minority 5.34% holding.

Offshore