The Belida Field located in the western portion of the South Natuna Sea, was discovered in December 1989, produced first oil in October 1992 and reached a peak rate of 130,000 BOPD in June 1994, 54 months after discovery. A risk-tolerant business strategy was applied to increase the net present value of the Belida field by reducing cycle time. Management assigned a multi-discipline reservoir team to the task of identifying the critical uncertainties and formulating a reservoir characterization that would support a value driven development plan. Critical concerns included structure, interconnectivity of the sands, sand strength, effectiveness of aquifer support, and the ability of 3-D seismic to define the field limits. The reservoir description and subsequent development activity focused on addressing the critical uncertainties and applying best practices to maximize value. Frequent team reviews and oversight by a supportive management enabled the team to exceed its economic goals.
The Belida Field has estimated reserves of over 300 MMBO, and as of November 1, 1997 has cumulatively produced over 172MMBO, almost 60% of the field reserves. The field is currently producing at a rate of 87,000 BOPD. The estimated development cost in the Plan of Development was projected to be ﹩800 million or approximately ﹩2.67 per barrel. The total investment was reduced to ﹩540 million for a resulting development cost of ﹩1.80 per barrel. Conoco, its partners, and the Indonesian government have realized increased value with a higher than predicted reserve case, lower overall costs due to optimization and the benefits of decreased cycle time.