Interra updates Indonesian operation
Monday, November 14 2016 - 02:51 PM WIB
Production
Tanjung Miring Timur TAC, , South Sumatra (Interra 100%)
In Q3 2016, shareable production was 40,462 barrels of oil, a decrease of 8% as compared to the previous quarter of 43,850 barrels of oil.
Production and development expenditures for the period were US$714,423 and nil respectively.
In Q3 2016, no new wells were drilled reflecting the continued suspension of drilling activities due to the low oil price and subsequent industry economic conditions. This (suspension of drilling) has directly affected the quarterly decrease in production. Work on existing wells including workovers, surface and borehole improvements combined with scheduled maintenance, all aimed at arresting the field production decline was ongoing.
Cost reduction management with respect to operations and production facilities continued at the TMT field.
Reservoir studies continued incorporating seismic, geology and reservoir engineering data with the objective of gaining a more complete understanding of the producing reservoirs. In addition, studies and planning has commenced with respect to implementing "new" technology with the aim of enhancing production.
Linda Sele TAC, West Papua (Interra 58.38%)
In Q3 2016, shareable production was 9,495 barrels of oil, an increase of 6% as compared to the previous quarter of 9,000 barrels of oil. There were three uplifting of approximately 8,775 barrels of oil during the quarter.
Production and development expenditures for the period were US$386,019 and nil respectively.
No new wells were drilled Q3 2016, reflecting the current economically challenging operating environment due to the low oil price. The increase in production seen in Q3 2016 is the result of continued efficient field operations with respect to production optimisation and scheduled maintenance. Geological, geophysical and reservoir studies continued with respect to evaluating future potential for new wells, new perforations in existing wells, etc. pending favourable future economic conditions.
Exploration Activities
Kuala Pambuang PSC, Central Kalimantan (Interra 67.5%)
Although multiple drillable quality exploration prospect locations have been delineated based on Interra's extensive geological, geophysical and reservoir work, it was decided to acquire prospect-specific Passive Seismic to aid in determining possible hydrocarbon charging. This was in addition to prior detailed work accomplished including surface and subsurface geologic interpretations, 2D Seismic acquisition and interpretation with processing including advanced steps like Inversion, first phase of Passive Seismic and resource assessments. The integration of all data has resulted in a comprehensive geologic model consistent with a carbonate platform with areas of reefal growth.
Exploration costs for the period was US$2,334. (end of excerpt)