CICO nearing target during first quarter
Thursday, March 21 2013 - 07:45 AM WIB
Chevron Indonesia Company (CICO) reported that until the middle of March this year its average production of oil from Makassar Strait and East Kalimantan Blocks reached 26,500 barrels per day (BPD), or about 95 percent of its set target at 28,000 BPD.
?Its gas production from the concessions during the same period realized at 115 MMSCFD or about 87 percent of its set target of 132 MMSCFD,? upstream authority SKK Migas Planning Deputy Ausie Gautama said after a meeting with production sharing contractors in Balikpapan, East Kalimantan, on Thursday.
He said that this year CICO planned to invest US$ 700 million, of which US$ 302,5 million for explorations and development, US$ 335 million for production, and the rest US$ 62,5 million for general and administration costs. This year it has scheduled to drill 28 development wells, conduct 3D seismic survey at 468 kilometer square, and implement work over and well services at 105 wells.
The investment spending increased from that in 2012 when it invested a total of US$492 million, of which US$ 176,5 million for exploration and development, US$252 million for production, and the rest US$ 63,5 million for general and administration costs. The increase was due to the increase of production facilities and activities of seismic surveys and development wells.
Editing by Benget Besalicto Tnb