Kodeco to drill 10 more oil and gas wells this year
Oil output increases more than 11 times in 10 years
Thursday, April 2 2009 - 02:45 AM WIB
Kodeco has also submitted plans of development (PoD) for 11 wells in the KE 39 and KE 54 fields and drilings are expected to be carried out in 2010 and 2011. Meanwhile, PoDs proposed for five fields, that is KE6, KE7, KE12, KE24, and KE2, are currently under evaluation, oil and gas upstream authority BPMIGAS said in its website.
It further said the newly built Phase Two pipeline which would deliver up to 10 million standard cubic feet of gas per day (MMSCFD) and 20,000 barrels of oil per day from Kodeco's fields was currently under trial operation.
Currently, gas from West Madura PSC, together with gas from Poleng TAC, which is also operated by Kodeco is transmitted through a 14-inch 65-km pipeline to onshore processing facility in industrial city of Gresik. Kodeco sold its gas to state-owned gas distribution firm PGN and fertilizer maker PT Petrokimia Gresik.
According to Kodeco, its oil production at the West Madura block had increased significantly during the past eight years. The production reached 35,000 barrels per day in 2008, a more than 11-time increase from 3,000 bpd in 1999.
?During the past eight years, we have drilled 24 wells, in 19 of which we found gas. With this, we managed to achieve a success rate of 80 percent,? Kodeco?s VP operation Imron Asjari was quoted as saying recently.
Oil and gas production come from Kodeco?s six fields including KE23B, KE30, KE 40, KE32 and Poleng C which has come on stream since 1999.
According to Petromindo data, West Madura PSC produces 6,500BPD of oil and 45 MMCFD of gas.
The Ministry of Energy and Mineral Resources said in a statment released in January this year that Kodeco's gas production stood at about 42.06 MMSCFD in 2008 and the output is targeted to increase to 131.13 MMSCFD this year. The ministry did not specify the firm's oil output for last year but the oil output is targeted at only around 8,550 BPD.
Pertamina holds 50 percent interest in the West Madura block with operator Kodeco Energy and Chinese oil, gas giant CNOOC holding 25 percent each. (*)