PHE WMO to increase output this year
Monday, February 24 2014 - 06:34 AM WIB
The operator of the West Madura Offshore block in East Java said in a statement Monday that oil production in 2014 is targeted to increase to 21,432 bopd, while gas output is targeted at 113 mmscfd.
PHE WMO said that crude production last year reached 18,086 bopd and gas 114.5 mmscfd, which were quite a significant increase from 6,284 bopd and 96.4 mmscfd at the beginning of the year.
It added that production peaked at 28,262 bopd and 125 mmscfd during the year. The solid production performance was a result of a number of successful exploration and development activities conducted by the company.
A total of three exploration wells and 24 development wells had been successfully completed during the year, PHE WMO said, contributing to the production peak.
Other programs include the reactivation of PHE-40 field, and installation of a 21 km pipeline, thus allowing the delivery of oil and gas from PHE-38B field. Two new fields including PHE-54 and PHE-39 also contributed to last year?s production.
During 2013, PHE WMO also successfully conducted 3D broadband seismic covering 900 square kilometers, increasing contingent resources by as much as 29.98 million barrels of oil (mmbo), and 60.24 bcf of gas, and increases reserves by 16.8 mmbo, and 62.5 bcf of gas. The company has also obtained approval from upstream authority SKK Migas for the plan of development of Integrasi-1 field.
?We?ll continue to make efforts to help maintain and increase production,? said Bambang Kardono, a director at PT Pertamina Hulu Energi, the parent company of PHE WMO.
Editing by Reiner Simanjuntak