Santos plans to quickly bring E. Java oil finding into production

Santos Limited, Australia?s biggest oil and gas company said Wednesday it planned to quickly bring its oil finding in Oyong-1 well in Sampang production sharing contract (PSC), offshore East Java into production.

?Oyong-1 is our first offshore Indonesian hydrocarbon discovery and that discovery fit well into Santos? new strategy of targeting exploration opportunities that are more material to the company and can be brought on stream quickly,? said Santos in its half yearly report to Australian Stock Exchange.

The report, however, did not give the estimate when the project would become on stream.

Santos, the operator of Madura PSC discovered oil and gas at Oyong-1 well which flowed over 1,100 barrels of oil per day and 12.4 million standard cubic feet per day (MMCFD) of natural gas after the well testing was completed.

The Oyong structure is located 80 kilometres from Surabaya in 45 meters of water.

Santos said it was currently evaluating the results with the aim of bringing the discovery onto production as soon as possible.

Santos also said that it would spud Anggur-3 well next week with the aim of testing another structure in the block that contains the Oyong discovery.

Santos, the Sampang PSC operator holds 45 percent interest in the block, while Coastal Indonesia Sampang and Cue Energy Limited hold 30 percent and 15 percent, respectively. (alex)