EMP to raise oil, gas production by 35% in 2008

Indonesian stock exchange-listed oil and gas firm PT Energi Mega Persada (EMP) expects to increase its oil and gas production by as much as 35 percent in 2008.

EMP president director Christian Y. Ponto said Thursday that the company was hoping to increase its oil and gas production by up to 34,000 million barrels of oil equivalent per day (mboepd) next year, from 25,500 mboepd in 2007 as the result of intensified drilling work in a number of its blocks

He said he also expected that oil production from the Kangean block and Semberah TAC could increase even more from the current levels of 3,000 barrels per day (bpd) and 1,000 bpd.

Meanwhile, the company?s finance director Yuli Soedargo said that EMP planned to acquire a number of oil and gas companies next year to further strengthen the company's business in the oil and gas sector

The acquisition plan would be carried out through an equity participation in a number of oil and gas companies.

"A number of oil and gas companies have expressed interest to cooperate with us," he said. But she refused to name the potential targets of the acquisition plan.

EMP operates several PSC blocks in Indonesia, including Brantas PSC, Semberah TAC in East Kalimantan. The company's subsidiaries also operate Kangean PSC offshore East Java, Malacca Strait PSC in Central Sumatra and several other blocks in Sumatra. (Bernard)