Medco targets FID for Block A in November

By Romel S. Gurky

IDX-listed PT Medco Energi Internasional Tbk announced on Wednesday that it has targeted to finalize the Final Investment Decision (FID) for Block A PSC in Aceh in November this year.

PT Medco E&P Malaka, a unit of IDX-listed PT Medco Energi Internasional Tbk is the operator of the PSC with a 41.6667 percent working interest while KrisEnergy Ltd holds 41.6666 perent and Japex Block A Ltd. the remaining 16.6667 percent.

Block A, located onshore Sumatra in the semi-autonomous region of Aceh, covers an area of 1,867 sq km and contains several gas condensate discoveries including the Alur Rambong, Alur Siwah and Julu Rayeu fields, which were approved for development in 2007. First gas from Alur Rambong is anticipated in 2017. The block also contains the Matang gas discovery, which requires further appraisal prior to being developed via tie-back to the initial facilities, and the high-CO2 Kuala Langsa gas discovery.

Best estimate contingent resources (2C) in the development pending category associated with the Alur Rambong, Alur Siwah and Julu Rayeu fields to the company?s working interest are 29.2 mmboeas at 31 December 2013 as assessed by Netherland, Sewell & Associates, Inc. (NSAI). The PSC also contains working interest 2C resources in the development unclarified category of 74.4 mmboe with Kuala Langsa accounting for 87.6 percent.

Editing by Johannes Simbolon