Wednesday, November 02, 2005

PetroChina to raise Indonesian output by 23% next year

China's largest oil producer, PetroChina Co., hopes to increase production from its oil and gas fields in Indonesia by 23 percent to 88,100 barrels of oil equivalent per day (boepd) next year.
Besides PetroChina is looking for new onshore blocks that being offered by government through competitive bidding.
At present, the company's Indonesian unit is producing 71,600 boepd from the six blocks that it operates, PetroChina's vice president Budi Setiadi said recently.
The six blocks are Salawati basin and island in Papua, Tuban in East Java, and three blocks in Sumatra (Bangko, South Jambi, and Jabung).
The company has targeted production of 74,000 boepd by the end of this year, a 51% increase from last year at 49,000 boepd.
Additional output next year is expected from all of the blocks where PetroChina is operating, except Tuban, which will maintain production at 16,000 boepd, said Budi. Tuban block is operated under a cooperation with Indonesia's Pertamina.
The Jabung block -- where PetroChina and Malaysia's state-owned Petroliam Nasional Bhd. (Petronas) each owns 45 percent and state oil and gas company PT Pertamina holds the remaining 10 percent -- will produce 50,000 boepd as compared to 46,000 boepd per day currently.
"We got a boost in production with output from the Betara field in Jabung (in Jambi) coming onstream in August," said Budi.
In August, Betara phase III started producing 9,500 barrels per day (bpd) of oil, 100 million standard cubic feet per day of natural gas (mmscfd) and liquefied petroleum gas (LPG) equal to 15,000 bpd.
"Betara is operating at 80 percent capacity and will reach full capacity in mid November," said Budi.
PetroChina's production from the Salawati offshore basin in Papua will rise next year to 7,600 boepd from 5,300 boepd, while the onshore field will almost triple its output to 9,700 boepd from 3,300 boepd at present.
"We will be producing at full capacity," said Budi, declining to mention the capital expenditure to be spent on boosting production next year.
As the fields in its hands are already explored, PetroChina will focus its efforts next year on securing concessional rights in new blocks, preferably onshore, said Budi.
"We are waiting for the results of the government's regular tender of ... blocks," said Budi, referring to the first offering of blocks this year, whose winners are expected to be announced this month.
President Susilo Bambang Yudhoyono on Oct. 28 officially launched 13 oil and gas projects, including those of PetroChina in Betara III and Salawati.
The projects are expected to add some 53,800 bpd of oil and 1.53 billion cubic feet of gas to the country's production.

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