JAKARTA, June 11 (Reuters) - French oil firm Total estimates gas output from the Mahakam block in Indonesia may decline by around 12.5 percent in 2016, amid a spending cut of at least 35 percent, a company spokesman said on Thursday.
"Next year we don't have any new projects. The last one is this Phase 3 South Mahakam project," Total E&P Indonesie spokesman Arividya Noviyanto told reporters, adding that the decline was not related to the expiry of the Mahakam contract in 2017.
"It's because our fields are mature, except South Mahakam field," Noviyanto said. The firm could cut a natural output decline rate of around 50 percent a year to as low as 10 percent per year by drilling new wells and "intervention", he said.
(Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Nick Macfie)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you