PEPC oil output jumps 64%

PT Pertamina EP Cepu (PEPC), a subsidiary of state-owned oil and gas firm PT Pertamina, which holds a 45 participating interest in Cepu block, said its net oil output share from the block increased by 64 percent in the first nine months of this year to 74,000 bopd compared to 45,000 bopd in the corresponding January-September period of last year.

Antara quoted PEPC President Director Adriansyah as saying that the higher production was mainly attributed to stronger production at the Banyu Urip field in the Cepu block which exceeded 165,000 bopd.

?The production achievement has exceeded our target this year, we have in fact asked (the government) for production to be increased to 200,000 bopd for Cepu block, or about 78,000 bopd (net) for PEPC,? said Adriansyah.

ExxonMobil Cepu Ltd owns a 45 percent interest in the Cepu block as operator, PEPC 45 percent, and the remaining 10 percent are held by minority local investors.

The government has set oil production target for the Cepu block, located in the border areas of Central and East Java provinces, at 200,000 bopd next year in a bid to meet the 2017 state budget oil lifting target of 815,000 bopd.

Elsewhere, Adriansyah said that going forward, the Cepu block project will no longer focus on oil production, but also include gas production including from the Jambaran-Tiung Biru field (JTB) project, which has been targeted to be on stream in 2019, where PEPC is the operator. ?Civil works have already started,? Adriansyah said.

The JBT project comprises of the Jambaran and Tiung Biru fields. The Tiung Biru field is located within PEPC?s operations area which is adjacent to the giant Cepu oil and gas block. The Jambaran gas field is located within the Cepu block. EMCL and PEPC agreed in September 2012 to unitize both fields with PEPC serving as operator.(*)