IEV Holdings seeks partners in Pabuaran KSO
Tuesday, November 15 2016 - 01:22 AM WIB
SGX-listed IEV Holdings Limited said it is looking for strategic investors to help develop the Pabuaran block in West Java Province due to the capital-intensive investment nature of exploration and production.
The company also said in a statement on Monday that it is in discussion with Indonesia?s state-owned oil and gas firm PT Pertamina on the extension of both the contract and work commitment period to sustain its investment and operation during the low oil price period.
The onshore project was awarded by Pertamina EP, a subsidiary of PT Pertamina, for the Pabuaran Block on Feb. 16, 2012 through the Kerjasama Operasi (KSO) also known as the "Operation Cooperation" program. The block is located 90 km east of Jakarta in the Subang district, West Java, Indonesia with a total acreage of about 77.036 square km.
IEV Holdings announced November 8 that production of first oil from the Pabuaran field had commenced on October 30, from the CLS-1TW well in Cilamaya Structure.
The company said it has started the production trial from interval 2,018 ? 2,022 meters of CLS1-TW well and produced a cumulative 625 barrels between October 30 and November 7, 2016 by natural flow.
Crude oil produced is transported from the field by truck to Balongan Refinery of PT Pertamina in line with the oil lifting procedures stated in the mutual agreement with Pertamina. IEV said it plans to install a completion string to produce high pour point oil from the well for a period of time and then sidetrack to an updip location at the crest to prevent oil water contact (OWC) and reach a target production rate of approximately 350 bopd.
Editing by Reiner Simanjuntak