Jakarta – PT Pertamina Hulu Mahakam (PHM) reported oil production of 26,251 barrels per day and 530 million cubic feet of gas per day (MMscfd) from the Mahakam block until October 2023. This achievement is generated from most of the oil and gas fields in the Mahakam Working Area (WK), which have entered phase 4 or natural production decline.
“Over the past few years, we have managed to contain the high rate of natural production decline and maintain production levels in mature oil and gas fields,” said Setyo Sapto Edi, General Manager of PHM, in a written statement, Friday 10 November.
According to him, PHM’s management applies various innovations and technologies to increase the recovery rate of existing oil and gas wells. “We also apply the best engineering practices in maintaining and improving the reliability of decades-old oil and gas operation and production facilities,” Edi said.
Until the third quarter of 2023, the number of wells drilled reached 54 development wells and one exploration well. By the end of this year, the total number of ploughed wells is estimated to be 90 development wells and two exploration wells.
The projected additional production in 2023 on an annual average is estimated at 3,180 barrels per day for oil and 75 MMscfd for gas.
Furthermore, Edi said the importance of the Mahakam Block in Indonesia’s oil and gas production scheme is also driven by the incentives provided by the Indonesian Government to the block in early 2021.
This incentive significantly supports the Mahakam Working Area’s continued development programme, including exploration programmes to unlock potential prospects for oil and gas reserves in the Mahakam Block. “This step is essential to ensure investment sustainability and support the achievement of Indonesia’s oil and gas production target,” he said. (Hartatik)
Banner photo: PT Pertamina Hulu Energi (PHE) in the North Java waters. (Source: Pertamina)