Pertamina's Unit to Spend $900M to Further Develop WMO Block off East Java
by Rigzone Staff
|Tuesday, October 01, 2013
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.
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