Indonesia's PT Medco Energi Internasional (MedcoEnergi) expects overseas projects to contribute half of the company’s petroleum production and revenue by the end of 2017 amid a major expansion of its oil and gas business, a senior executive told local daily The Jakarta Post .
MedcoEnergi received approval to commence activities in eight oil and gas blocks in Tunisia last month following its $114.03 million acquisition of Storm Ventures International (Barbados) Ltd. from Storm Ventures International Inc. -- a subsidiary of Toronto-listed Chinook Energy Inc. The new blocks will add around 12.3 million barrels of oil equivalent (MMboe) to MedcoEnergi's reserves and produce 2,800 barrels of oil equivalent per day (boepd) and up to 16,000 boepd after development work are completed.
Domestically, MedcoEnergi's Block A gas facility project, costing $797 million, will be able to produce around 63 million standard cubic feet per day (MMscf/d) of gas to supply the Arun-Belawan pipeline when it commence operations at the end of 2016. The $2.8 billion liquefied natural gas (LNG) plant project at its Senoro oil and gas field, which can produce 310 MMscf/d of gas, is targeted to begin operations in 2015.
Turning to its overseas projects, MedcoEnergi is developing the Area 47 oil field in Libya to produce 50,000 boepd and 47 MMscf/d of gas at a cost of $250 million.
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