PHE ONWJ reports higher production
Tuesday, May 5 2015 - 06:44 AM WIB
The company said in a statement Tuesday that oil production rate last year reached 40,509 bopd, higher than previous year?s 38,300 bopd and the 39,400 bopd target set by the upstream oil and gas authority SKK Migas in the 2014 work program and budget plan (WP&B).
The subsidiary of state-owned oil and gas firm PT Pertamina said that gas production last year reached 186 mmscfd, which was also higher than the 180 mmscfd set in the 2014 WP&B.
?Amid difficulties in maintaining oil and gas production due to the natural annual declining rate of 17 percent, PHE ONWJ on the contrary has managed to increase oil production every year since 2009,? said President/General Manager of PHE ONWJ Jonly Sinulingga.
The company said that it has managed to increase oil and gas output from the UL field last year, respectively by 2,200 bopd and 10 mmscfd.
The company also managed to successfully re-start the GG field in the later part of last year, which is expected to provide additional gas output of 31 mmscfd and 150 barrels of condensate per day.
PHE ONWJ said that despite the current drop in global oil price, the company has not significantly slowed down its production activity. The SKK Migas has set oil production target of 40,000 bopd to be achieved by the company this year, and gas production target of 175 mmscfd.
As of April of this year, the company said it has managed to maintain oil production at the level of 40,200 bopd, and gas production at 173 mmscfd.
Editing by Reiner Simanjuntak