Petrochina Finds New Oil Reserve in Jambi

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  • TEMPO.CO, Jambi -  PetroChina International Jabung Ltd has found new oil reserve in the Jabung block in the regency of Tanjung Jabung Timur of Jambi, Antara Newsagency reported Wednesday, August 26.

    Companys Vice President Budi Setiadi said the Panen-3 well turned out 1,849 barrels of oil and 1.7 mmcfd of gas per day in a recent test.

    Budi said the well is expected to increase the oil production of the Jabung block by 1,000 barrels of oil per day.  

    He said the production of the Jabung block is around 55,000 barrels of oil per day.

    PetroChina International (Jabung) Ltd is the operator of the Jabung block as a 27.86 percent shareholder.

    The remaining shares are held by Petronas Carigali (Jabung) Ltd as a 27.86 percent shareholders, PP Oil & Gas (Indonesia-Jabung) Limited a 30 percent owner and PT Pertamina (Persero) a 14.29 percent shareholder.  

    PetroChina has completed explorations in two wells in the Jabung block. The Chinese oil company is drilling two other exploration wells in the Q3 and Q4 this year.

    In addition to Panen-3, PetroChina will drill two new wells in 2014 and 2015 -- Tiung Utara-1 and Tiung Utara-2 wells.