Conoco Indonesia oil production declined 38%

ConocoPhillips reported lower oil production from its Indonesian operation in the second quarter 2009 by 38%, but natural gas production inched up slightly by 0.5%.

Oil production declined from 26,000 bpd in Q1 to 16,000 bpd in Q2, so for the first half, the average production was 21,000 bpd. Compared to the average production in 2008, actually the first half 2009 is substantially higher by 40%. Meanwhile gas production in Q2 was 451 MSCFD, increased slightly from 449 MMSCFD in Q1. 

As for prices, crude oil price increased 30% to US$56 per barrel in Q2, while natural gas gained 24% to US$5.91 per MSCF.

ConocoPhillips has seven production sharing contracts (PSCs) comprising about 12.3 million gross acres. Four PSCs are offshore (South Natuna Sea Block B PSC, Ketapang PSC, Amborip VI PSC, and Kuma PSC). The remaining three PSCs are onshore: Corridor Block PSC and South Jambi "B" PSC in South Sumatra and Warim PSC in Papua.

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