PEP assigns Papua Petro to develop Papua oil field

PT Pertamina EP (PEP) has signed an agreement with PT Petro Papua Mogoi Wasian (PPMW), allowing the latter to develop the former?s Mogoi Wasian field in Papua.

The agreement was signed on Tuesday at PEP?s office in Standard Chartered Tower in Jakarta, Pertamina said in a statement.

Binsar Lumbantobing, a director at PPMW, said the firm has a 18-year experience doing oil and gas business in Papua. As such, the firm is optimistic it will be able to meet PEP?s expectation in developing the Mogoi Wasian field.

?We once produced up to 1,200 bopd. However, we also experienced a declining production trend. Still we are optimistic and target (to develop) ten new wells which will come into production within three years,? Binsar said.

PEP?s President Director Adriansyah said PPMW has a good experience in managing oil wells in Papua. Thanks to the good track of record, the firm is expected to support PEP in achieving its production target.

Editing by Johannes Simbolon