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Energi Mega Persada seeks to maintain production after block losses
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PT Energi Mega Persada's oil rigs produce around 8,600 barrels of oil a day. (Courtesy of http://www.energi-mp.com//-)
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akrie Group’s listed oil-and-gas subsidiary PT Energi Mega Persada (ENMP) is fighting to keep its oil and gas production stable after letting go of contracts on several domestic and overseas oil and gas blocks.
Since late 2016, ENMP produced some 8,600 barrels of oil and 200 million cubic feet of gas per day. Those numbers were a decrease from 11,000 barrels of oil and 215 million cu ft of gas, ENMP investor relations Herwin Hidayat said in a press conference in Jakarta on Wednesday.
The decrease followed write-offs of ENMP’s contract worth more than US$300 million last year on some of its largest oil blocks, including the Buzi Block in Mozambique and Offshore North West Java (ONWJ) block in Indonesia.
“Fortunately, those were one-off losses, so it will not happen again in the future,” Herwin said.
Read also: Energi Mega Persada in search of buyers for African asset
The company is holding on to its remaining assets, such as the Kangean Block in East Java and Bentu Block in Riau, but is open to the possibility of acquiring new blocks in the future.
“Hopefully, we will be able to maintain our production at 9,000 barrels of oil per day and around 200 million cu ft of gas per day until the end of the year,” he said.
