Chevron 2012 production target approved
Thursday, January 5 2012 - 10:31 AM WIB
Upstream oil and gas regulator BPMIGAS has approved work plan and budget (WP & B) of PT Chevron Pacific Indonesia (CPI). Under the work plan, CPI will produce 330 thousand barrels per day (MBOPD) of oil in 2012, lower than actual production last year of 356.6 MBOPD, Harris Djauhari, Vice President for Sumatera Light Operation of PT CPI, said.
The production target is based on assumption that the performance of CPI?s North Duri Development (NDD) Area 12 is stable, gas supply is stable at 365 BBTUD and the new wells drilling will reach 38 wells (375 developing wells, 5 exploration wells).
The target is also based on assumption that the company would carry out work-over on 212 wells that will add production of 4.2 MBOPD.
Following is the work plan of PT CPI for 2012:
| CPI Performance Matrix | Revised WP&B for 2011 | Actual 2011 | Approved WP&B for 2012 |
| Production (MBOEPD) | 359.2 | 364.5 | 337.4 |
| a. Oil (MBOPD) | 359.2 | 356.6 | 330 |
| b. Gas (MBOEPD) | 7 | 7.9 | 7.4 |
| OPEX ($MM) | 2.729 | 2.920 | 2.526 |
| CAPEX ($MM) | 533 | 530 | 608 |
| Number of wells | 440 | 416 | 380 |
In 2011, CPI produced 356.6 MBOPD, above target set in the company?s WP & B of 352.2 MBOPD (revised Budget at 356.8 MBOPD). The number of wells drilled reached 416 wells with ?encouraging results? (346 wells targeted in the WP & B).
The number of workover wells reached 147 wells which resulted in additional production of 3.5 MBOPD compared to target of 2.7 MBOPD .
Realized operation expenditure (OPEX) as of end November 2011 reached US$2.9 billion (about 3 percent above revised target due to higher fuel price and fluctuation of exchange rate). The amount of realized capital expenditure reached US$480 million in line with WP & B.
Editing by Roffie Kurniawan