PHE holds over several ONWJ projects
Wednesday, March 11 2015 - 03:20 AM WIB
PT Pertamina Hulu Energi Offshore North West Java (PHE ONWJ), the operator of ONWJ block offshore West Java, has decided to put several projects on hold, including the engineering, procurement, construction and installation (EPCI) of YY-FSB-SP-KLD fields? production facilities, until after oil prices have improved.
"All of these projects have now become uneconomical because the crude price is falling," Executive Vice President / General Manager of PHE ONWJ Jonly Sinulingga told Petromindo.com.
As a result, Jonly said, the firm has no plans to increase production this year but will keep it at the level of last year, which was 40,500 barrels per day of oil and 180 mmscfd of gas.
PHE ONWJ is a unit of PT Pertamina Hulu Energi (PHE), a subsidiary of state owned oil and gas firm PT Pertamina (Persero).
Editing by Johannes Simbolon