Petronas to speed up Bukit Tua field production
Thursday, May 10 2012 - 02:08 AM WIB
Petronas Carigali, the exploration and production arm of Malaysian energy giant Petronas Bhd, is committed to speeding up the production at the Bukit Tua field in its wholly-owned Ketapang PSC offshore East Java to the fourth quarter of 2014.
The commitment was expressed by Petronas? CEO Dato? Shamsul Azhar Abbas during a meeting with Minister of Energy and Mineral Resources Jero Wacik on Wednesday.
?Just now, after negotiations, Petronas agreed to speed up the production of the field to October 2014 at the latest. If everything runs well, the field may start production in June 2014,? Jero said.
The field is able to produce 50 mmscfd of gas and 20,000 barrels per day of oil, Jero said, adding that the gas will be bought by PT Petrogas Jatim Utama at a price of US$5.5 per mmbtu with a 3 percent escalation per year.
With the new schedule, Bukit Tua is expected to start production around the same time with the Kepodang field in Muriah PSC offshore Central Java, also wholly owned by Petronas.
Editing Johannes Simbolon