Pertamina to Drill 69 Wells in Mahakam

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1 January 1970 07:00 WIB

TEMPO.CO, Jakarta - Pertamina will drill 69 wells at the Mahakam block in East Kalimantan this year. The drilling is aimed at curbing the declining rate of production.

Pertamina upstream director Syamsu Alam said that the Mahakam gas production target is set at 1,041 MMSCFD this year, down 20 percent from last year's average production.

Pertamina Hulu Indonesia director Bambang Manumayoso, said that in addition to drilling the 69 wells, the company will also carry out 132 reprocessing and repair activities in 5,623 wells. Pertamina has also applied for further development in five fields at Mahakam Block to continue production. The activities are estimated to cost up to US$1.7 billion.

As of January 1, Pertamina has full ownership in Mahakam block, taking it over from French company Total E&P Indonesie that had managed the block since 1974. The participating interest in the block is divided equally between Pertamina, Total, and Japan's Inpex Corporation.

Earlier, Energy and Mineral Resources Minister Ignatius Jonan asked Pertamina to maintain the production volume of Mahakam block. Jonan even allowed Pertamina to cooperate with Total if the goal is to increase lifting volume.

S.G. WIBISONO (BALIKPAPAN)




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