Total to drill 40 wells this year on oil price assumption of $50/barrel
Saturday, February 13 2016 - 01:57 AM WIB
Total E&P Indonesie (TEPI) plans to drill 40 wells this year but the number is likely to be reviewed in view of the continued drop in oil prices.
TEPI?s Head of Media Relations Kristianto Hartadi said the plan to drill 40 wells is based on the oil price assumption of US$50 per barrel.
He said the firm would not drill wells which do not have economic value in the current low oil price environment.
The firm has no new projects to be developed this year as it has completed its last projects ? Bekapai Fase 2B in Bakapai and Peciko fields and Jempang Metulang (JM1) rig in South Mahaka field ? last year.
As reported earlier in this portal, TEPI?s investment is projected to decline to $1.1 billion this year, from $1.97 billion last year. According to Kristianto, the decline in investment comes a result of the decline in oil prices.
Editing by Johannes Simbolon