- 01- Feasibility study complete; basis for Piedra Redonda.
- 02- 1 Tcf 2C gas; shallow-water conventional.
- 03- Two configs: 30–80 or 100–150 MMscf/d; Corvina tie-back.
Condor Energy (ASX: CND) has completed an independent development concept and feasibility study for its Piedra Redonda gas discovery offshore Peru, establishing a technical foundation for commercialisation.
The discovery contains approximately 1 trillion cubic feet of independently certified 2C contingent resources, with the engineering assessment confirming a conventional shallow-water development can connect offshore production infrastructure to shore.
The 2C resource represents estimated potentially recoverable gas from a known accumulation that is not yet considered commercially recoverable because one or more contingencies remain.
Two development configurations were assessed across production rates ranging from 30 million standard cubic feet per day to 150MMscfd, providing flexibility to align the facilities with future customer demand.
The work supports ongoing gas sales negotiations, strategic partnering, project financing and progression of the licence contract application ahead of front-end engineering design (FEED).
Flexibility with Conventional Concepts
Independent engineering consultancy Agile Energy screened alternative development concepts and completed preliminary facilities engineering, flow assurance work, infrastructure assessments, and Class 4 cost estimates.
The first concept comprises a single offshore wellhead platform connected by export pipeline to an onshore receiving facility, with capacity ranging from 30MMscfd to 80MMscfd.
A larger configuration would use two wellhead platforms and an export pipeline to support production of between 100MMscfd and 150MMscfd.
Both concepts retain the potential to tie back the nearby underutilised Corvina gas field, while the initial development scenarios use only part of the 1Tcf resource and preserve capacity for later expansion.
Parallel Commercial Workstreams
Condor will select the final configuration after progressing commercial negotiations and defining gas sales volumes, delivery specifications, customer requirements, and financing arrangements.
The engineering assessment identified potential reuse of existing offshore wellhead infrastructure, which may provide opportunities to improve the development schedule and capital efficiency during later phases.
Condor holds 100% of the surrounding Technical Evaluation Agreement, which gives it the exclusive right to negotiate a Licence Contract covering the offshore area.
“Piedra Redonda remains one of the largest undeveloped offshore gas discoveries on the west coast of South America,” managing director Serge Hayon said.
“Completion of this study demonstrates a technically and economically robust development solution and provides an independent engineering framework to support our ongoing gas sales negotiations, strategic partnering, and future financing discussions.”
“As we continue advancing Piedra Redonda, we will further refine the project alongside prospective customers and partners to optimise the final development configuration and position the project for its next stage in the maturation process."
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