Medco says C. Sulawesi oil field to reach 4,000BPD production by year end

JSX-Listed oil and gas firm Medco Energi Internasional Tbk. said its newly producing Tiaka oil field in central Sulawesi is currently producing slightly below 1,000 barrels per day, but expected production to be ramped up by year end.

The field commenced production earlier thsi month.

Medco?s director Rashid Mangunkusumo told Petromindo.Com Friday that the company would drill two more wells in the field and up production to 4,000 BPD by year-end. Curently Tiaka production comes from a single well.

Tiaka is the first oil field in Sulawesi island.

Tiaka oil field is located within Senoro-Toili block. Medco E&P operates the block under a joint operating body with state-owned oil and gas PT Pertamina.

The field is certified to contain about 5.5 million barrels of gross proved and probable oil reserves. (alex)