Medco to increase crude oil production to 60,000 bpd this year

PT Medco Energi Internasional Tbk, one of the country's major oil producers, is upbeat it will be able to increase its oil production to 60,000 barrels per day (bpd) this year from about 57,000 bpd at present.

"Our oil production had dropped to 50,000 bpd, but it rose again to reach about 57,000 bpd at present. This year, we are optimistic we will be able to increase the crude oil production to 60,000 bpd," MedcoEnergi's president director Hilmi Panigoro said in Jakarta on Tuesday.

He said that MedcoEnergi also planned to increase its gas production to 180 million standard cubic feet per day (mmscfd) from about 130 mmscfd at present. He said that if the company's gas and oil production were combined, the total production reached about 80,000 barrels of oil equivalent per day. (Godang)