Medco Energi completes first shipment of condensate from Senoro Field
Wednesday, August 19 2015 - 01:00 AM WIB
The condensate cargo was sold on a FOB (Free On Board) Delivery Point basis, where the buyer would be responsible for the cost of transporting the condensate. This first lifting is MedcoEnergi?s portion as one of the shareholder of JOB-PMTS, and the next shipments will be allocated for Pertamina Hulu Energi (PHE) and the government.
The tanker carrying 210,000 barrels of condensate, the Nord Snow Queen, started loading on Aug. 16, 2015 about 05.00 p.m. and left the Senoro Marine Terminal about 02:00 a.m. on Aug. 18, 2015.
Lukman Mahfoedz, CEO and President Director of MedcoEnergi cited, ?Today's announcement marks an important milestone in MedcoEnergi?s growth strategy. This shipment is also a testament to the Company?s success in completing the last phase of important commercial aspect of this project. Thereof, we are hoping that the Government of Indonesia would provide more opportunities for National Companies to continue developing energy in Indonesia in the future.?
Senoro Upstream Gas Production Facility is operated by the Joint Operating Body Pertamina - Medco E&P Tomori Sulawesi (JOB-PMTS) which comprises of MedcoEnergi (30%), PT Pertamina (50%), and Tomori E&P Ltd (20%). The project was pioneered by MedcoEnergi after acquiring JOB Senoro Tomori block in 2000. Until 2005, MedcoEnergi endeavored to develop this gas field, which has about 1.9 TCF of gas reserves, but in a remote location far from any gas infrastructure or gas market. Total investment of the upstream Senoro is US$1.2 billion. The Senoro Upstream Facility has two Trains of production facility with a total production capacity up to 310 million standard cubic feet per day (MMSCFD) of gas and 8,500 barrel per day (bpd) of condensate
Editing by Johannes Simbolon