Medco overshoots target for oil and gas production

Jakarta (ANTARA News) - PT Medco E&P Indonesia produced oil and gas at 64,000 million barrel oil equivalent per day (MBOEPD)) in the first six months of the year exceeding its target of 60 MBOEPD.

"We are thankful that amid the big challenges, the company has been able to maintain good performance," Head of Relation of Medco E&P Indonesia Teguh Imanto said here on Sunday.

Teguh said the production in the first half of the year was 29 percent higher than in the same period last year.

He attributed the increase in production mainly to good performance of the Senoro-Toili oil and gas field in Central Sulawesi.

Meanwhile the company succeeded in reducing oil and gas operational cost per unit by 32 percent to US$7.6 dollar per barrel oil equivalent compared with in the same period in 2015.

The operational cost was within the target set by the company below US$10 per barrel oil equivalent.

Teguh said currently the company focused on the acquisition of the Block B , South Natuna, in the South China Sea, Riau Islands.

He said the acquisition plan is ion line with the ambition of the company as a leading independent oil company in Indonesia.

Meanwhile, development of Block A in Aceh has run as scheduled, he said.

"We hope support from all for our oil and gas operation in various areas such as in South Sumatra, Central Sulawesi, North Kalimantan and Aceh," he said.

PT Medco E&P Indonesia is the countrys largest private oil and gas company.(*)