Premier Oil increases Indonesia production
Thursday, May 17 2001 - 04:30 AM WIB
British oil and gas Premier Oil PLC said Wednesday later this year its hydrocarbon production would reach 50,000 barrels of oil equivalent per day (boed), representing an increase of around 72 percent from its current output of 29,000 boed, Dow Jones quoted the company's CEO Charlie Jamieson as saying Wednesday.
The rise in output, he said, would take place when the company's existing gas operations in Indonesia's West Natuna Sea come fully onstream later this year and oil production in the North Sea began.
Jamieson said from July 15 this year, Premier, together with its West Natuna partners, Conoco Inc. and Gulf Indonesia Resources Ltd., would be selling some 325 million cubic feet of gas a day to Singapore. Premier holds a 28% stake in West Natuna. The consortium currently sells "a relatively small volume" of gas to Singapore.
The group has also signed a memorandum of understanding to sell 250 million cubic feet a day of gas from West Natuna to Malaysian oil and gas company Petroliam Nasional Bhd. (Petronas). Petronas owns a 25 percent stake in Premier. Amerada Hess Ltd. also holds 25 percent in Premier.(*)