PT Energi Mega (ENRG) Persada forecasts its average oil and gas output will increase this year as the arrival of a floating production vessel boosts supply from its Kangean block.
Energi Mega estimates that it will produce the equivalent of 40,000 barrels of oil a day this year compared wwith 16,700 in 2011, President Director Imam Agustino said in an e-mailed statement today.
The production vessel arrived on April 6 from Singapore’s Sembawang shipyard and will be used to pump 300 million cubic feet of gas from the block’s Terang field in June, the company said. Additional output will come from the Offshore Northwest Java block and the Bentu block in Sumatra.
Energi Mega owns a 50 percent stake in Kangean in East Java, which produced 15.5 million cubic feet of gas a day and pumped 1,360 barrels of oil daily in 2011, according to the company’s website. Mitsubishi Corp. (8058) and Japan Petroleum (1662) Exploration Co. equally own the rest.
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