Saka to submit POD for Sidayu field mid-2017
Friday, September 30 2016 - 02:34 AM WIB
PT Saka Energi Indonesia, a subsidiary of IDX-listed gas distribution firm PT PGN Tbk, is expected to submit plan of development (POD) for the Sidayu field in Pangkah PSC, offshore East Java, in the middle of next year following latest oil and gas discovery.
This was said by Chairman of upstream oil and gas authority SKK Migas Amien Sunaryadi to Petromindo.com on Thursday. ?It is expected in October 2016, conclusion of the discovery has been completed, and then prepares POD to be submitted to SKK Migas in mid-2017,? he said.
Saka CEO Tumber Parlindungan told this portal on September 20 that the company has made an oil and gas discovery at the Sidayu-4 exploration well.
Following completion of the drill stem test, Tumbur reiterated at a press conference on Thursday that the Sidayu field is estimated to hold reserves of 300 million barrels of oil.
Tumbur, who is also General Manager of Saka Indonesia Pangkah Ltd, confirmed that the company was hoping to submit the POD mid next year, in the hope that production can start in 2019.
The Sidayu 4 well was spudded in mid-January. In October 2015, Saka announced a significant discovery following the drilling of the Sidayu-3 exploration well on Aug. 17, 2015.
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 Reiner Simanjuntak