Energi Mega targets oil and gas production jump next year

Listed oil and gas company PT Energi Mega Persada Tbk said it targets oil and gas production to surge to 50,200 barrels of oil equivalent per day (boepd), compared to this year?s production of 16,000 boepd.

President Director of PT Energi Mega, Imam P. Agustino, said the significant increase is possible as a number of its oil and gas fields will commence production next year.

Those fields include Terang, Sirasun, Batur (TSB)fields in Kangean PSC, East Java, which will commence production in the first quarter 2012 at 300 mmscfd or equals to 25,000 boepd; DC gas field in Malacca Strait PSC at 900 boepd and Seng and Sengat gas fields in Bentu & Korinci PSC in Riau province at 5,000 boepd.

?The production of 50,200 boepd is expected to be attainable in November 2012,? said Imam.

He said average oil and gas production in the first half of 2011 reached 15,400 boepd.

In order to ramp up oil and gas production next year, the company will allocate US$157 million in capital expenditure (capex), higher than this year?s capex of $146 million.

In the first eight months to August this year, the company has spent about 60 percent of the 2011 capex plan.

In addition, the company targets its average gas sales to increase to $5.15 per mmbtu next year, up from an average $3.5 per mmbtu this year. (giok)