Saturday, January 14, 2006

Medco's Tiaka Field to reach 4,000 bpd this year

PT Medco Energi International Tbk is targeting oil production of 4,000 barrel per day at its Tiaka oil field in Senoro-Toili Block, Central Sulawesi.
Tiaka has started its production in July 2005 with initial production of 1,200 bpd. Early January 2006, production has reached 1,850 bpd and after additional drilling on production wells, it is expected to reach 4,000 bpd by the end of 2006. The company expects that the peak production from Toili field would reach 5,000 bpd.
Tiaka oil field is located in Senoro-Toili Block, 15 miles offshore of Morowali Regency, Central Sulawesi. Medco acquired the block in March 2000 from ARCO (currently BP) as a production sharing contract joint operating body with Pertamina (PSC JOB).
The PSC JOB has 30 years term which will be epired in December 2027. The working areas in the Senoro-Toili Block are divided into Senoro Area (onshore) located in Banggai Regency and Toili Area (offshore) located in Morowali Regency.
As certified by Gaffney, Cline & Associate at the end of 2004, the proved and probable oil reserves of Tiaka fields as of January 2005 were 8 million barrels of oil. The Toili field would bring Medco's total oil production to approximately 80,000 barrel per day.

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