Pertamina EP to Spend $400M to Drill Up to 87 Wells in 2014

Indonesia's state-owned oil and gas company PT Pertamina's upstream subsidiary PT Pertamina EP will spend $400 million on drilling activities this year as it seek new hydrocarbon sources to maintain production, according to the firm's director of operation and production Satoto Agustono, as reported in the Jakarta Post Friday.

The amount budgeted for drilling up to 87 development wells in 2014 is slightly lower than the $460 million allocated for drilling 111 development wells last year.

“Most of the wells are located in the eastern part of Indonesia,” Satoto said, adding that Pertamina EP also intends to drill 12 to 14 exploration wells, each costing approximately $15 million.

Pertamina's oil production is currently around 119,000 barrels per day, below its 2014 target of 128,000 barrels of oil per day (bopd), while the target for gas is 1,071 million standard cubic feet. Last year, the company produced 120,600 bopd, less than its goal of 123,600 bopd.

"For gas, we are currently almost at 100 percent of the target,” Satoto said in the Jakarta Post and added that the Indonesian company may review the target pending release of data on first half gas production.


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