PHE WMO to open rig tender next week

By Febry Silaban

PT Pertamina Hulu Energi West Madura Offshore (PHE WMO), the operator of the West Madura Offshore block in East Java, is planning to open commercial bid for rig tender in the third week of this month, according to a top official of the company.

"Evaluation of technical bid for the rig tender has already been discussed. We are planning to open the commercial bid in the third week of this month. It is a re-tender," President / GM of WMO Boyke Pardede told Petromindo.com.

He said, the company originally carried out the rig tender in mid-2015. However, as oil prices have not been stable, PHE WMO decided to re-tender it in the hope that the price turns more stable so that the project can work.

According to Boyke, in mid-2015, PHE WMO completed a re-tender for three platforms in the block, in which the project value dropped by 25 percent.

"For rig tender which is currently in the process, if the cost per day of leasing rig and its equipment could later be down by about 25-30 percent, then we can still hope to continue the project for drilling next year,? Boyke said.

Editing by Reiner Simanjuntak