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Jakarta Post

Medco aims to halt oil output decline

  • The Jakarta Post

Jakarta   /   Tue, May 6 2008   /  09:40 am

PT Medco E&P Indonesia plans to spend US$260 million this year on the development of its oil and gas blocks, the company's executive says. President Director Lukman Mahfoedz said Monday the company would drill 80 wells in existing fields and about 20 wells in exploration areas this year with a total budget of $150 million. "We need this amount of money to maintain our fields' production because most of their reserves are depleting," he said, adding that the company targeted to produce 47,000 barrels of oil per day (bpd) this year, down from last year's 50,000 bpd. In addition to the $150 million, Lukman also said the company would spend another $110 million to develop facilities for ongoing gas projects at Blok A in Nanggroe Aceh Darussalam and at the Senoro Liquefied Natural Gas (LNG) plant in Central Sulawesi. Blok A is still in the development p...