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.
"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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