JAKARTA - PT Medco Energi Internasional Tbk (MEDC) to date has spent as much as U.S. $ 180 million for the development of Area 47 in Libya. The funds are already in use since 2006.
"From year 2006 till now we have disposable funds of about U.S. $ 180 million for development of 47 blocks," said Director of Operations Medco, Lukman Mahfoedz, at the Hotel Darmawangsa, Jakarta, Friday (8/6/2010).
He said that with that much money, the company has drilled 22 wells consisting of 18 exploration wells and four appraisal wells. Of the 18 wells, oil and gas companies that have found reserves in 15 wells.
"So our success ratio is practically there is high enough," he said.
According to Lukman, the commercialization of Area 47 will take place this year after it continued with the development of production. He estimates that in the beginning of production, MEDC coded issuers could produce up to 50,000 barrels per day.
He said the period of commercialization through development of production is expected to take three years, so these blocks are estimated to be in production next year 2014. (*)
"From year 2006 till now we have disposable funds of about U.S. $ 180 million for development of 47 blocks," said Director of Operations Medco, Lukman Mahfoedz, at the Hotel Darmawangsa, Jakarta, Friday (8/6/2010).
He said that with that much money, the company has drilled 22 wells consisting of 18 exploration wells and four appraisal wells. Of the 18 wells, oil and gas companies that have found reserves in 15 wells.
"So our success ratio is practically there is high enough," he said.
According to Lukman, the commercialization of Area 47 will take place this year after it continued with the development of production. He estimates that in the beginning of production, MEDC coded issuers could produce up to 50,000 barrels per day.
He said the period of commercialization through development of production is expected to take three years, so these blocks are estimated to be in production next year 2014. (*)
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