Saka discovers 300 million barrels of oil in Pangkah
Thursday, October 8 2015 - 11:15 AM WIB
PT Saka Energi Indonesia, a subsidiary of state-owned PT Perusahaan Gas Negara (PGN), made a significant discovery during exploration in Pangkah PSC offshore East Java with preliminary study revealing the reserve amounts to 300 million barrels of oil.
"The new reserve was discovered during the drilling of the Sidayu-3 exploration well on Aug. 17, 2015 using COSL rig," Chief Operating Officer Tumbur Parlindungan said in Jakarta.
He said, the first Drill Stem Test (DST-1) within the Ngimbang carbonate reservoir over the intervals 7225'-7235' and 7265'-7310' produced in 1,800 bopd at 28/64" choke with WHP 901 psi, GOR 766 scf/stb, BSW 0% and API gravity of 37.5o.
"All of oil production from the Sidayu field will likely be exported," he said, adding that the reserve is so far estimated at about 300 million barrels of oil.
The Sidayu discovery is the latest in the string of success made by the firm during exploration in recent years. Five months ago, the firm also announced the discovery of gas at the SIS-A#1 wildcat well in South Sesulu block, offshore East Kalimantan.
"The success increases our confidence it is still possible to find significant oil and gas reserves in Indonesia. Hopefully, despite the current oil and gas industry downturn, the success of Saka could trigger sustainable exploration efforts in the country," he said.
The Pangkah block, located off the northeast coast of Java, is 100 percent owned by Saka. The firm bought out the block from American firm Hess Corp in two transactions worth US$915 million executed in 2013 and 2014.
Editing by Johannes Simbolon