Petrochina sees year-end Indonesian production 48,000 BOEPD
Monday, September 2 2002 - 04:58 AM WIB
China oil and gas company PetroChina Company Limited said on Monday that two months after it fully took over Indonesia oil, gas field from US independent oil company Devon Energy Limited, it had managed to increase production from 42,000 barrels of oil equivalent per day (BOEPD) to 45,000 BOEPD.
?Our production target this year is 48,000 BOEPD. The increase would come from our operations in Jabung block in Jambi, Tuban block in East Java and Salawati Block in Papua,? said Wei Zhigang, Petrochina Indonesian unit president director.
Petrochina took over Devon?s Indonesian assets for US$ $262 million.
Devon's Indonesian oil and gas properties had estimated proved reserves of approximately 80 million equivalent barrels, of which approximately 20 percent were classified as proved developed producing. These properties produced approximately 1.1 million barrels of oil equivalent net to Devon's interest during the first quarter of 2002.(godang)