Pertamina's Unit to Spend $900M to Further Develop WMO Block off East Java

Indonesia’s national oil and gas firm PT Pertamina’s upstream unit Pertamina Hulu Energi (PHE) earmarked approximately $900 million for further development of the producing West Madura offshore (WMO) block, located around 70 miles (112.6 kilometers) off the coast of Bangkalan on Madura Island, East Java, Indonesia, local daily Jakarta Globe reported Saturday.

Field operator PHE WMO plans to build six additional platforms to help boost production in the WMO block and drill up to 14 development wells next year. In addition, the company will complete a 3D-seismic survey for its working areas in the Madura Strait before the end of this year.

“Each [platform is] worth as much as $150 million … we will hold the tender as soon as SKKMigas [the upstream oil and gas regulator] gives it approval,” Bambang Kardono, PHE WMO general manager said as quoted by Jakarta Globe. The new platforms are expected to be operational in 2015.

PHE WMO plans to produce 22,600 barrels of oil per day and 114 million standard cubic feet per day of gas this year, Bambang said.

The Pertamina's subsidiary has an 80 percent stake in the WMO block, while former block operator South Korea’s Kodeco Energy Co., Ltd. holds the remaining 20 percent.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Buru Energy Hits Oil at Praslin 1 Well (Aug 28)
 -  IOG Gets 3-Month Skipper License Exten... (Aug 28)
 -  UIL Energy to Acquire Perth Basin 2D S... (Aug 28)
 -  Galilee Completes Acquisition of ATP 5... (Aug 27)
 -  NPD Grants Statoil Drilling Permit in ... (Aug 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Base Manager - Subsea
Expertise: Subsea Engineering
Location: Lafayette, LA
 
Deepwater (Drilling and Completions) Engineer - Houston TX
Expertise: Drilling Engineering|Workover or Completion
Location: Houston TX, TX
 
Account Manager - Reservoir Development Services - Houston, TX
Expertise: Business Development|Geologist|Reservoir Engineering
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.05/BBL 5.23%
Light Crude Oil : $45.22/BBL 6.25%
Natural Gas : $2.72/MMBtu 3.42%
Updated in last 24 hours