Medco upbeat 2011 oil production target attainable

PT Medco Energi Internasional Tbk said it is optimistic that it can achieve its 2011 production of 56,000-57,000 barrels of oil equivalent per day (BOEPD). It also sets the same target for next year.

?The achievement in 2011 and the target in 2012 is the same, which is at range 56,000-57,000 BOEPD, excluding production from Oman,? CEO of Medco Energi, Lukman Mahfoedz told Petromindo.com

The biggest production contributors are the Rimau and South Sumateran blocks.

?We will continue to maintain production level until new projects are completed in 2013-2014,? he said.

He added that steps are being prepared to acquire Arun field and assets, including LNG plant within Block B owned by ExxonMobil.

Arun LNG plant is expected to stop its LNG production within the next three years due to the shortage of gas supply. The Arun gas field, the only gas supplier of the plant may stop production in 2014 due to the depletion of gas reserves.

The Arun LNG plant was built long before the construction of the Bontang LNG plant in East Kalimantan and the Tangguh LNG plant in Papua. A number of companies are now bidding to acquire the assets. (godang)