Exxon, Chevron, Medco exceed oil production target as Feb.
Friday, March 18 2011 - 02:49 AM WIB
R. Priyono, the head of oil and gas upstream regulator BPMIGAS, said during a hearing with members of the House of Representatives (DPR) recently that production of Mobil Cepu Ltd reached 21,446 barrels per day (bpd) exceeding its target of 20,000 bpd.
Medco E&P Indonesia produced a total of 23,863 bpd passing the target of 23,000 bpd, ExxonMobil produced 4,851 bpd exceeding the target of 4,000 bpd, while Chevron Indonesia Company (CICo)?s production reached 23,702 bpd surpassing the target of 23,000 bpd, and Star Energy produced 4,121 bpd, higher than its target of 3,500 bpd.
PSCs which failed to meet their production targets, include Kodeco Energy Co. Ltd, PT Pertamina EP, Chevron Pacific Indonesia, ConocoPhillips Indonesia Ltd and CNOOC SES Ltd.
Kodeco Energy, for example produced only 16,431 bpd as compared to its target of 29,000 bpd. PT Pertamina?s output was 10,715 bpd below its target of 132,000 bpd while Chevron Pacific Indonesia?s production was 10,492 bpd in short of its target of 370,000 bpd.
In addition, ConocoPhillips?s production was 9,843 bpd below the target of 61,000 bpd and CNOOC SES Ltd was 2,414 bpd, short of its production target of 40,000 bpd.
According to Priyono, problems being faced in oil production include the fact that the government has yet to extend the contract on the Madura block; most of the productive fields are old ones with a natural decline rate of 12 percent; 70 percent of production operation facilities have been aging that unplanned shutdown often occur. (godang)