Jakarta - PT Pertamina (Persero) expressed its readiness to increase West Madura block oil production up to 30,000 barrels per day if they are appointed as the field's operator, a spokesman said.
Pertamina spokesman M. Harun said here on Thursday that the company will expand the West Madura Block aggressively with target production up to 30,000 barrels per day.
The oil block's recent production which operated by Kodeco Energy is only 14.000 barrels per day, and Pertamina has become the only Indonesian oil company that has a significant production increase in the last five years, Harun said.
Pertamina's production in 2010 reached 190,700 barrels per day and 1.458 billion cubic feet of gas per day or equivalent to 443,500 barrels of oil per day.
The target production rose in 2011 to 208,000 barrels of oil per day and 1.52 billion cubic feet of gas per day or equivalent to 470,310 barrels of oil per day.
"We will drill 76 exploration wells and 221 development wells this year," he said.
Harun also said the company has also managed to increase the oil block?s production after the management is taken over such as the Block Limau which was previously managed by Talisman, the production rose from 6,000 barrels to 11,300 barrels per day after the take over.
Furthermore the Sanga-Sanga Block which was previously managed by Medco had increased from 4300 barrels to 7500 barrels per day, Sukowati (Petrochina) from 40,000 barrels to 48,000 barrels per day, and ONWJ (BP) than 21,000 barrels to 25,000 barrels per day.
West Madura Block cooperation contract was signed by Pertamina and Kodeco on May 7, 1981, and after 30 years the cooperation contract will expire, according to the regulation.
Pertamina had already stated its desire to continue managing the block, however towards the end of the contract the government had approved the West Madura ownership participation right change through a letter representing the Director General of Oil and Gas Minister, Number 6989/13/DJM.E/2010 dated March 17, 2011.
According the letter, the right of participation of West Madura owned by Kodeco is diverted 12.5 percent to PT Citra Harapan Sinergindo and Madura CNOOC Ltd. to Pure Link Investment Ltd with similar 12.5 percent.
Thus, West Madura participation rights which previously 50 percent owned by Pertamina, Kodeco 25 percent, and CNOOC 25 percent become Pertamina 50 percent, Kodeco 12.5 percent, 12.5 percent of CNOOC, Sinergindo 12.5 percent, and the Pure Link 12, 5 percent.
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