PHE?s recent oil, gas find considered as the largest in Asia Pacific
Wednesday, November 8 2017 - 06:43 AM WIB
The new oil and gas reserves discovered by upstream company PT Pertamina Hulu Energi (PHE) at the Parang Structure in Nunukan block, North Kalimantan Province, is seen as the largest discovery in Asia Pacific region so far this year.
Budi Tamtomo, Vice President of Exploration Operation & Assets Management at PHE, said that following drilling of the Parang-1 exploration well in the block late last year, the company found new oil and gas reserves of 221 million barrels of oil equivalent.
The company announced the new find in March of this year, as previously reported by this portal.
Budi said that according to London-based IHS Markit Ltd, the new reserves find is the largest in the Asia Pacific region as per the first nine months of this year, and the sixth largest in the world.
The top 10 oil and gas reserves finds in the January to September 2017 period according to HIS Markit are as follows: (1) Yakaar-1 well, Senegal (2,700 MMBOE), (2) Gorgon-1, Colombia (1,000 MMBOE), (3) Payara-1, Guyana (500 MMBOE), (4) Zama-1, Mexico (400 MMBOE), (5) Horseshoe, US (300 MMBOE), (6) Parang-1, Indonesia (221 MMBOE), (7) Aredo-1, Iraq (200 MMBOE), (8) Sepand-1, Iran (150 MMBOE), (9) Pyi Thit-1, Myanmar (140 MMBOE), and (10) Savannah, Trinidad & Tobago (140 MMBOE).
The Nunukan block is operated by PHE Nunukan Company with a 66.7 percent interest. It partners with Indian firms Videocon Industries (20.83 percent) and Bharat Petro Resources Ltd. (12.50 percent).
Meanwhile, Ifki Sukarya, Senior Manager for Media Relation at PHE, said that PHE NC plans to carry out 3D seismic survey and Marine survey at the Nunukan block in December of this year, and to drill Keris-1 well in the first quarter of 2018, to be followed with drilling of Parang-2 and Parang-3 wells.
Editing by Reiner Simanjuntak