BPMIGAS calls on oil, gas companies to meet WP&B for 2012
Tuesday, March 20 2012 - 08:04 AM WIB
BPMIGAS Chairman R. Priyono said during a luncheon that oil and gas companies have planned to carry out 2D seismic survey with a total length of 9,126 kilometers and 3D seismic survey with total acreage of 11,576 square kilometers. The survey will be undertaken in both exploration and production blocks.
In addition, the PSCs will also carry out drilling of a total of 119 wildcat wells, 23 delienated wells, 906 exploration wells and 637 work-over wells.
?I hope that all these targets will be supported by strong commitment from oil and gas companies so that the programs (WP&B) will be realized as planned,? Priyono said at the luncheon. He hopes the year 2012 will be the turning point of oil production before bouncing back in 2013 and further increase to over 1 million in 2013.
He made the call after the government and the House of Representatives set oil lifting of 930,000 bpd for this year, lower than initial plan of 950,000 bpd, but still far higher than current production of below 900,000 bpd.
BPMIGAS said it is banking on a rise of oil production from existing major oil producers as well as from the maiden production of some new fields in second half this year to support this year?s ambitious oil lifting target.
BPMIGAS also said that in order to support the PSCs oil production, the government and the House of Representatives (DPR) Commission VII overseeing energy sector have agreed to set cost recovery at US$15.1 billion in 2012, representing 24 percent of expected gross income to be received by the government from oil and gas sector at US$47 billion.
The WP&B is designed to support oil lifting of 930,000 bpd and gas production of 7,915 bbtud, or 2.25 million barrels of oil equivalent.
BPMIGAS also said that it has revised up the targeted 2012 net revenues from oil and gas to US$32.14 billion, slightly higher than initial plan of US$30 billion.
Editing by Roffie Kurniawan