Abstract

The Ceiba Field development offshore Equatorial Guinea has proven to be a success for Triton and its partners Energy Afric aand the Ministry of Mines and Energy of Equatorial Guinea. A brief background of the Ceiba Field will be presented, however the main focus of the paper is Triton management's perspective of the development. Management's objectives for the project will be discussed, as will the phased approach to development. This approach led to use of an early production system to develop a major deepwater field on a fast track basis. The management perspective will detail the project drivers and achievement of the desired results.

Introduction

Triton Equatorial Guinea, Inc.'s discovery of the Ceiba Field in October 1999 opened the door for the company to build a sizable business in West Africa. With an entrepreneurial organization and flexible operational philosophy, company management put Ceiba development on a fast track, targeting an aggressive timeline for the project that moved from discovery to cash flow in 14 months. The company employed a phased approach to realize the opportunity presented by Ceiba. Parallel processes and off-the-shelf technology were utilized to optimize field production and the value of Triton's holdings while managing risk.

The Triton team completed the first development phase (Phase 1) and achieved first Ceiba production in November 2001. Full field development infrastructure for the Ceiba project (Phase 1A) was completed in January 2002, with the promise of more solid development ahead.

Equatorial Guinea: Prolific Oil Stronghold

Equatorial Guinea, where Triton (acquired by Amerada Hess Corporation in August 2001) strongly believed there was substantial opportunity offshore in deep water, ranked high among the company's drilling prospects. The Republic of Equatorial Guinea lies in the heart of the active West Africa region. It has been a country of growing interest to E&P companies since the first major discovery was made there in the mid-1990s. This small Spanish-speaking country comprises Bioko Island, the home of the capital city of Malabo, and the Rio Muni area on the mainland.

Great Discovery Well

The foundation for the Ceiba project was a great discovery well. Ceiba-1 was drilled to a total depth of 9,700 feet in about 2,200 feet of water on Block G about 22 miles offshore Rio Muni. Wireline logs and other test data indicated a gross oil column of 742 feet and 314 feet of net oil-bearing pay in four zones. The high-quality turbidite reservoirs have excellent porosities ranging from 20%-30% and permeabilities up to 1 Darcy. This excellent reservoir was confirmed with a well test of 12,400 BOPD of 30 degree API oil from one zone.

Ceiba-2 Proves Commerciality

Triton's next mission was to appraise Ceiba to prove its' commerciality while proceeding with development planning that anticipated success. With the thickness and quality of the Ceiba reservoirs, it was easy to set the development on a fast track.

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