Pertamina to continue investment at ONWJ block
Monday, September 23 2013 - 04:39 AM WIB
State-owned oil and gas firm PT Pertamina said it would continue to make long-term investment at the Offshore North West Java (ONWJ) oil and gas block, although the current contract will expire in 2016.
Vice President of Corporate Communications at Pertamina, Ali Mundakir said Friday that the investment is required to help maintain production at the block.
He added the company is optimistic that the government would eventually extend the current contract. He added that the company has made the request for the contract extension since 2010, but so far there has been no response from the government.
?As a state-owned enterprise, we?re optimistic the contract will be extended,? Ali said. Pertamina through its subsidiary PT Pertamina Hulu Energi (PHE ONWJ) operates the ONWJ block, which reported late last week that oil production in the first half of 2013 averaged at 38,996 bopd, while gas output stood at 187 mmscfd.
Editing by Reiner Simanjuntak