Energi Mega expects production to surge in 2012

PT Energi Mega Persada Tbk expects its oil production to surge by 140 percent in 2012 to average 40,000 barrels of oil equivalent per day (boepd) from 16,700 boepd in 2011.

The rise is supported by the operation of Floating Production Unit (FPU) vessel in Kangean?s Terang gas field, the purchase of interest in Offshore North West Java (ONWJ) block and higher gas production from Bentu PSC gas fields in Riau, Sumatra.

PT Energi Mega Persada Tbk said the FPU has arrived in the block on April 6 from Sembawang shipyard, Singapore. The FPU is the final piece of the main components required to facilitate the production of 300 million cubic feet gas per day from the Terang gas field in June 2012.

CEO of PT Energi Mega, Imam Agustino, said ?The gas volume from our Kangean PSC block?s Terang field will play a major role in the Company?s growth story for the next 24 months. A significant part of our additional oil and gas output in 2012 comes from the Terang field.?

Kangean PSC is located in East Java, and is currently operated by Kangean Energy Indonesia Limited. Kangean PSC is 50 percent owned by Energi Mega via a number of subsidiaries, 25 percent owned by Mitsubishi group of Japan, and 25 percent by Japex, Japan.

Kangean PSC has proven and probable reserves of 9.6 million barrels of oil and 1.3 trillion cubic feet of gas.

Editing by Roffie Kurniawan