Medco E&P oil production to hit 30,000 bopd

PT Medco E&P, an upstream unit of Indonesia-listed energy firm PT Medco Energi Internasional Tbk expects to increase its oil production to 30,000 barrels of oil per day by the end of this month.

President director of the company Budi Basuki said Medco had produced 29,401,4 bopd and 60,74 mmscfd of gas as of Q1 of this year.

The gas production remains below the target of 180 mmscfd, but Budi is upbeat the target could be met thanks to extra production from Singa field which could reach 20 mmscfd in the near future, not to mention production from other gas fields.

Budi said the company had allocated 45 mmscfd of gas for fertilizer industry, 60 mmscfd for power plants and 40 mmscfd for industry in Java which will be distributed through state gas distributor PGN.

To develop gas fuel, the company has reserved 10 mmscfd this year, but minimum infrastructure of gas stations has hampered the use of gas fuel. (giok)