POG targets FID for Kisaran block in Q3 2016
Monday, January 4 2016 - 01:07 AM WIB
Pacific Oil & Gas (Kisaran) Ltd. (POG) has targeted to make Final Investment Decision (FID) for Kisaran block in North Sumatra in the third quarter of 2016.
?Kisaran block is planned to make FID in Q3 this year if there are no obstacles,? POG?s External Relation Officer Miftahuddin told Petromindo.com.
In May, this portal reported that the ministerial approval has been received for a Plan of Development (POD) of the Kisaran block. The ministerial approval extends the Production Sharing Contract until 2031.
The approved plan would see up to seven wells at Parit Minyak as the initial phase of development. A low cost development is anticipated, using both rented and permanent facilities and trucking the oil to nearby facilities.
Kisaran PSC is operated by Pacific Oil & Gas (Kisaran) Ltd. (POG) with a 55 percent interest. It is partnered with Bukit Energy (22.5 percent) and New Zealand Oil and Gas Ltd (22.5 percent).
Editing by Reiner Simanjuntak