Energi Mega Persada to double production in 2005

JSX-listed oil, gas firm PT. Energi Mega Persada (EMP) expects its oil, gas production in 2005 to double, with increase mainly coming from newly acquired Kangean gas block offshore East Java.

The company said in an Analyst Meeting held recently that 2005 gross production is forecasted at 57,000 barrels of oil equivalent per day (BOEPD), compared to 30,000 BOEPD this year. The increased will be mainly coming from additional gas production of 150 MMCFD from Pagerungan gas field in Kangean PSC, pushing overall gas production to 260 MMCFD. Meanwhile liquids production is also forecasted to increase from 11,000 BPD this year to a little below 14,000.

EMP acquired 100 percent working interest in kangean PSC from previous operator BP Plc earlier this year.

EMP?s liquids production mainly comes from Malacca Strait PSC in Central Sumatra, where its subsidies hold 60.49 percent working interest. Apart from Pagerungan field, gas production comes from Brantas PSC, where EMP subsidiary holds 50 percent working interest and operatorship.

EMP said in 2005 it would drill 41 wells throughout its working areas, compared to 25 wells this year.

The company also said it would start to develop gas field and newly discovered oil in Malacca Strait, commence offshore drilling programs and develop gas and oil fields in Brantas PSC and to optimize Pagerungan production by shallow gas production and to initiate Sepanjang Island oil development and Terang gas development in Kangean PSC.(alex)