Canada?s Resolute Energy Q1 Indonesian oil production up
Mulls disposing Indonesian assets
Friday, May 9 2003 - 01:53 AM WIB
Canadian oil company Resolute Energy Inc. said Thursday during the fisrt quarter of 2003 production from its two Indonesian oil blocks averaged 2,454 barrels per day (BPD), or 7 percent higher than previous quarter?s production.
The company said the increase in production was due to successful drilling of four new wells. However, the company said production was expected to decline for the remainder of the year as initial production from new wells declined.
The company operates Tanjung Lontar TAC onshore South Sumatra and Sembakung TAC onshore East Kalimantan.
The company said as it focused its operations in Canada, it saw contribution from Indonesian operations to decline in the future. The company also thinks of disposing its Indonesian assets.(alex)