Sugih Energy?s POD for Pematang field approved by SKK Migas
Monday, February 3 2014 - 02:25 PM WIB
IDX-listed PT Sugih Energy Tbk announced on Monday that its subsidiary Petroselat Ltd has obtained an approval from upstream authority SKK Migas for the Plan of Development of Pematang field within Selat Panjang PSC.
Under the POD, the field is expected to produce 4,400 barrels of oil per day (bopd) and 24 mmscfd of gas or cumulatively 8,538 barrels of oil equivalent per day (boepd), the firm said in a statement filed with the Indonesian Stock Exchange.
The peak production will be reached in 2018.
The block is estimated to hold 37.5 million stock tank barrels of oil (mmbstb) and 118.4 bscf (billion standard cubic feet) of gas.
Petroselat is the operator of the block which is located east of Riau province. The firm has an indirect 55 percent interest in the block through PT Petronusa Sumibakti and International Mineral Resources, Inc.
The firm expects US$941.85 million in gross revenue from the block.
The firm also said it has stated a comprehensive test on exploration well Akatara-2 in Lematang PSC. The main goal of the comprehensive test is to find additional hydrocarbon sources. The test covers among others flow rate of reservoir discovered in Akatara-2 exploration well.
The test is expected to take 30 days. After that, the firm plans to submit the POD for the block.
Editing by Johannes Simbolon