KrisEnergy reports lower production from Kambuna field

By Nellawati

SGX-listed firm KrisEnergy Ltd said that production at the Kambuna gas-condensate field in the Glagah-Kambuna Technical Assistance Contract (TAC) in offshore North Sumatra averaged 2,737 barrels of oil equivalent per day in the first half 2013, a drop of 24.0 percent from the 3,601 boepd in the same 2012 period.

The company said in its first-half financial report on Friday that the decrease in production was partially in line with expectations due to an anticipated decline in the Kambuna field as it approached the end of its economic life.

?Production ceased on 11 July 2013 and the company expects to relinquish its entire interest in the Glagah-Kambuna TAC by the end of the year,? it said.

KrisEnergy holds a 25 percent non-operated working interest in the Glagah-Kambuna TAC. Salamander Energy is the operator of the Glagah-Kambuna TAC with 50 percent working interest and Serica Energy holds 25 percent.

Editing by Reiner Simanjuntak