The new platform, located at East Cameron Block 318, approximately 105 miles SSW of Intercoastal City, Louisiana, weights over 1800 metric tons and sits in 229 feet of water.
The combination drilling and production facility carries 6 drilling slots; process facilities rated for 50 mmscfd; 1400 hp of gas compression and quarters for 10 operators. These quarters will serve as hub headquarters to service other MedcoEnergi and third-party facilities in the area. MedcoEnergi US also anticipates improved run-time efficiency and more effective cost control at its nearby EC 317A facility as a result of this installation. MedcoEnergi US is currently in the process of erecting a platform drilling rig, the Nabors Super Sundowner XIX, and anticipates beginning drilling operations in early August 2006.
MedcoEnergi US holds a 75% working interest and operates the East Cameron 318 development project. When fully developed, production from this project is expected tomore than double the current MedcoEnergi US' net gas production to over 30 mmscfd.
Hilmi Panigoro, the CEO of MedcoEnergi, said "This measurable additional revenue-stream will make a noticeable contribution to MedocEnergi's continued operation and growth and produces a tangible, positive impact to our increasing role as an active mid-size energy company in the Gulf of Mexico." Dave Gibbs, MedcoEnergi US President, added "This project marks an important milestone for the new MedcoEnergi US team as we advance our strategy of mature field re-development in the shallow waters of the Gulf of Mexico."
MedcoEnergi US LLC is a wholly-owned subsidiary of PT MedcoEnergi Internasional Tbk, and specializes in mature field re-development activities in the Gulf of Mexico and the coast areas of Texas and Louisiana.
MedcoEnergi is a publicly listed integrated energy company in Indonesia, with business involvement in oil and gas exploration and production, oil and gas drilling services, methanol production, LPG production and power generation. It has operations in Libya, the Gulf of Mexico in the United states and in several areas in Indonesia.
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