SPE gets PoD approval from Minister

Privately owned oil company PT Sumatera Persada Energy (SPE) which operates the West Kampar production sharing contract in Riau said on Monday that the plan of development (PoD) for its Pendalian field has been approved by ministry of energy and mineral resources.

SPE?s GM Bambang P. Muritno told Petromindo.Com that the PoD has been signed by Minister Darwin Z. Saleh on April 6, 2011.

The company said earlier, that it would drill five more wells in its Pandalian field this year in a bid to raise production to between 4,000 and 5,000 barrels of oil per day (bopd) by next year.

Under the approved PoD, SPE will produce 1,000 bopd from its two onshore wells in Pendalian field, each with 500 bopd. According to the PoD, the company will offer a maximum of 10 percent in participating interest to the regional government.

The PoD has been changed twice since the West Kampar PSC was signed in 2005. Under the previous draft PoD, PSE will transmit its oil through facilities belonging to Chevron in Dumai. (bernard)