PT Energi Mega Persada Commences First Gas at Kuat Field in Sumatra

PT Energi Mega Persada Tbk. (EMP), an Indonesian indepedent upstream oil and gas exploration company, commenced first production at the Kuat gas field in the Malacca Strait production sharing contract (PSC) in Sumatra, Indonesia Monday.

The first commercial gas volume, comprising 8.5 million cubic feet per day (MMscf/d), was supplied to BOB PT Bumi Siak Pusako - PT Pertamina Hulu Energi (BOB) at $8.00 per million British thermal unit (MMBtu) to fuel BOB's power generator to lift oil, EMP added.

"The additional gas output is expected to have positive impact on the Company's financial results in the second half of 2014," Imam Agustino, EMP's CEO, said in the press release.

The Malacca Strait PSC, operated by EMP with a 60.49 percent interest, produced 3,288 barrels of oil per day in the first quarter of 2014. China National Offshore Oil Corp. holds the remaining 39.51 percent interest in the block.

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Brent Crude Oil : $51.87/BBL 0.40%
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