JAKARTA (TheInsiderStories) - PT Apexindo Pratama Duta Tbk (IDX: APEX), an offshore and onshore drilling for the oil, gas, geothermal and coal bed methane industries, has got swamp rig contract from the operator Mahakam block, PT Pertamina Hulu Mahakam (PHM). The signing of the procurement contract was carried out in Jakarta, on Feb. 4.
The contract value amounted to US$68 million with duration 1.5 years and an extension option around to two years. The general manager of the project, Agus Amperianto, explained that Rig Yani would be brought to the Mahakam in the second quarter of 2021, and will support drilling operations in the Tambora, Tunu, and Handil fields.
In order to restrain the production in the Mahakam Work Areas, which has been in the natural decline phase, throughout 2021 PHM to drill 73 development wells and 2 exploration wells. The company targeting gas production from the wells 485 MMSCFD also oil and condensate 22 kilo barrels per day. In 2020, PHM produced gas around 605.76 mmscfd or 3 percent higher than the target.
Last year, the parent, PT Pertamina Hulu Energi (PHE) together with Conocophillips (Grissik) Ltd., with participating interest 46 percent, Talisman (Corridor) Ltd., hold 24 percent and the Special Task Force for Upstream Oil and Gas Activities (SKKMigas) signed the corridor working area cooperation contract. Its unit, PHE Corridor owned 30 percent and regional enterprises 10 percent in the project.
Pertamina has confirmed that it is ready to become the Corridor Block operator in 2026. For the company, managing the Corridor Block is very strategic because it will be integrated with the Rokan Block and the Dumai Refinery in Riau. The Production Sharing Contract will be valid for 20 years, effective from Dec. 20, 2023 using the Gross Split scheme.
The estimated investment value around $25 million and and a signature bonus of $250 million. Based on current data, the Corridor has an area of 2,095.25 square kilometers, mostly in South Sumatra.
Other upstream strategic projects implemented by the sub-holding is Pertamina Hulu Energi Offshore North West Java (PHE ONWJ). The KLD Project has been completed and on-stream in early 2021. The field located at the North coast of West Java and has started distributing gas since December 2020. The field is targeted to produce 16 MMSCFD of gas in the peak period production.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
