Medco to restart E. Java oilfield production Feb

JSX-listed oil, gas company Medco Energi Internasional said on Wednesday it would re-start production from Camar oil field in Bawean PSC offshore East Java early month.

?Works are currently progressing with Floating Storage and Offloading facility already in place,? Budi Basuki, a director of Medco?s upstream arm Medco E&P told Petromindo.Com.

Budi said that the field, which had stopped production since 2004 due to the absence of storage tanker at that site, is expected to produce at peak rate of around 2,000 BPD.

Medco, which holds 70 percent interest, is still locked in legal battle over ownership of the block with 30 percent interest holder Canadian firm Indo Pacific Resources (Java) Limited (IPR), a subsidiary of Canadian firm Fortune Oil& Gas Inc, which objected dilution of its interest in the block.

According to Medco, the block has proven and probable reserves of 14.72MMBO. (alex)