Medco’s crude oil production exceeds target
Monday, August 22 2005 - 02:17 AM WIB
Medco E&P Indonesia’s average crude oil production reached about 56,000 barrels per day in August this year, far exceeding the company’s target of about 52,000 barrels per day for 2005, the company’s top executive has said.
The company’s president director Lukman Mahfoeds said in Jakarta on Saturday that the higher than targeted oil production was possible due to the acceleration of exploration activities in both existing and new oil wells.
He said the number of oil wells being developed since the beginning of the year had reached a total of 72 including those in the new oil fields. “We plan to carry out exploration activities in new oil fields including those in Merangin, Nunukan, Simenggaris and Madura,” he added.
He, however, said that the average gas production in August which reached 130 million standard cubic feet per day (MMSCFD) was still below this year’s target of 150 MMSCFD.
Next year, the company has set to produce between 56,000 and 59,000 barrels of crude oil per day and about 150 MMSCFD of gas.(Godang)