MEDCO's Oil and Gas Production Increases
By : Herry Barus And Aldo Bella Putra | Sunday, November 19 2017 - 19:30 IWST
PT Medco Energi Internasional Tbk (MEDC)
INDUSTRY.co.id - Bogor - Oil and gas production PT Medco E & P Indonesia and Medco E & P Natuna Ltd. rose in the first half of 2017 compared to the same period last year, partly due to the takeover of one of the oil and gas blocks.
"One of the factors driving the production increase is the takeover of Block B Natuna in November last year," said Senior Manager of Medco E & P Indonesia Relocation & Security and Medco E & P Natuna Ltd Drajat Imam Panjawi in Bogor, Saturday (18/11/2017)
According to him, oil and gas (oil and gas) production in the first half of 2017 compared to 2016 rose about 24 million barrels of oil equivalent per day (MBOEPD).
In the first half of 2017, oil and gas production almost 90 MBOEPD, while in the same period 2016 only 64 MBOEPD.
"A significant increase in production for companies at a time when world oil prices have not improved," he said.
In an effort to maintain production, the company continues to improve its operational performance.
It said this year the company focused on completing the Block A Project in Aceh on schedule, revising a number of existing domestic oil and gas inventories, exploration and drilling of wells, and underwater development.
All operating activities, he said, stick to the principle of cost efficiency without subordinating the safety aspect.
"The company also managed to keep production costs per barrel below 10 US dollars of oil equivalent barrels or BOE," he said.
It said the company under the supervision and guidance of the Oil and Gas Upstream Oil and Gas Upstream Business Unit (SKK) continues to optimize a number of old fields with technological innovations and cost control of field assets such as Rimau and Lematang Block in South Sumatra and Tarakan Block in Kalimantan East.
The company currently has work areas in eight blocks and spread across five provinces from Aceh to Central Sulawesi.