BPMIGAS approves development program in CPP block

Upstream oil and gas authority BPMIGAS has approved the plan of the consortium of state oil and gas firm Pertamina and PT Bumi Siak Pusako to develop 11 new oil wells in Riau?s Coastal Plain Pekanbaru (CPP) block this year, a senior official of the consortium said Tuesday.

The 11 wells will be located in CPP?s Zamrud and Pedada fields, the joint venture?s subsurface manager Gandot Werdiantoro told reporters.

BPMIGAS will also approve the consortium?s plan to develop another six wells in the same fields this year, Gandot said.

Also this year, the joint venture will drill an oil exploration well in CPP?s Mempura field, he added.

Bisnis Indonesia daily reported recently that the joint venture had planned to drill 20 new oil exploitation wells in CPP block this year with a total investment of US$25 million. Bumi Siak Pusako is owned by Riau provincial administration.

Gandot said Tuesday the consortium had set a target to produce 40,000 barrels per day of oil from CPP this year, up from the current 34,000 bpd.

PT Caltex Pacific Indonesia last year transferred CPP block to the joint venture in accordance with its contractual obligations. When managed and operated by Caltex, the block?s oil output reached 70,000 bpd. (godang)