EMP reports higher gas output in Bentu PSC
Wednesday, March 11 2015 - 06:12 AM WIB
The company said in a statement that throughout year 2014, Bentu PSC block produced an average of 38 million cubic feet gas per day. After the increase, from January 1 to March 8 of this year, Bentu PSC has been producing an average of 46 million cubic feet gas per day, it added.
This translates into 21 percent higher output. Such production increase is due to higher consumption as a result of the commissioning of state-owned power firm PLN?s 11 gas engine units.
?Such gas output increase from Bentu PSC, coupled with the previous higher oil volume from Malacca Strait PSC, is expected to have positive impact on EMP?s financial results. Bentu PSC reached its production peak of 52 million cubic feet gas per day on the 8th of March 2015,? said EMP CEO Imam Agustino.
Bentu PSC block is located in Riau, Sumatera. It currently supplies most of its gas output to PT PLN (Persero) at $ 5.59 / mmbtu (with 3% escalation p.a.), while the remaining volumes are sold to PT Riau Andalan Pulp & Paper and PD Tuah Sekata. Bentu PSC has around 300 billion cubic feet of proved and probable gas reserves, and is currently 100 percent owned and operated by EMP.
EMP presently operates 12 oil, gas, and coal bed methane blocks in Indonesia and in Mozambique (Africa). Throughout year 2014, the company produced 12,800 barrels oil per day and 226 million cubic feet gas per day based on its shares. The company also operates 15 million barrels oil and 875 billion cubic feet gas of proved and probable reserves based on its shares from its operated blocks.
EMP reported on February 23 that its operated oil block, the Malacca Strait PSC in Riau, has just started production of an additional 300 barrel oil per day from the MSTB field.
EMP operates and owns 60.49 percent stake in the Malacca Strait PSC. The remaining shares are owned by OOGC Malacca Ltd. (32.58%) & Malacca Petroleum Ltd. (6.93%).
Editing by Reiner Simanjuntak