Exspan plans to raise oil production to 70,000 bpd by yearend

Exspan, an oil exploration and production unit of the Medco Group, expects to raise crude oil production to 70,000 barrel per day by the yearend from 62,000 bpd at present, the company has said.

John S. Karamoy, the president of the Medco Group, said last week that Exspan, which operates oil fields in Sumatra and Kalimantan would raise the crude oil output to benefit from the higher production quota given to Indonesia.

"It is a matter of time? we are sure we will be able to boost the production level by the yearend," he told reporters following the signing of a cooperation agreement between the company's management and its workers.

Exspan has proven oil and gas reserves of 100 million barrels and 240 billion cubic feet of natural gas respectively in its oil fields in Sumatra and Kalimantan. (*)