MedcoEnergy raises production in Oman
Friday, July 20 2012 - 07:03 AM WIB
MedcoEnergi through its wholly owned subsidiary, Medco Oman LLC, announced that its production from the Karim Small Fields had reached a record amount of over 22,000 bopd, unprecedented since the company was awarded the service contract in 2006 when the production was around 9,500 bopd.
The field has demonstrated a steady production increase and achieved 22,538 bopd in May 2012, compared to last year?s monthly average of 18,729 bopd. The company operates Karim Small Fields under a production service contract on behalf of PDO (Petroleum Development of Oman), which is jointly owned by the government of Oman and Shell. The company, through Medco Oman LLC, holds 55% of participating interest.
The Karim Small Fields, which are located 700 kilometers southwest of Muscat , Oman , consist of 18 fields, the majority of which are already in mature state with an average age of 20 to 25 years old.
MedcoEnergi has conducted a drilling campaign to prioritize the most potential wells combined with good reservoir wells management to attain operational excellence. The company has also maintained a good safety record with over 3.7 million manhours without accident.
Currently, the company?s main activities is to continue to increase production through improving efficiencies in the drilling program, finding new prospective reservoirs and undertaking production optimization.
?We are very proud of this achievement, not only for the increased production, but also maintaining an outstanding safety performance as safety is paramount to us,? said Frila Yaman, Director & COO of MedcoEnergi.
?This achievement in Oman is a showcase of the Company?s success in operating overseas producing assets, particularly in the Middle East region. This performance proves that MedcoEnergi is highly capable of delivering the best service and operations in this region,? added Lukman Mahfoedz, President Director & CEO of MedcoEnergi.
He pointed out that its operation team, which was currently 80 percent supported by local resources of Omani people across subsurface, drilling, and operation divisions, has been working extensively to add values to its international operations and to support the Company?s business strategy in strengthening the portfolio of producing assets.
?In the future, we plan to increase participation of local people, not only in Oman but also in other places where we operate,? he added.
Editing by Benget Besalicto Tnb.