By Rara Suratmi
ASX-listed firm Lion Energy has reported a decline in crude oil production from the Oseil oilfield and surrounding structures in the Seram Non-Bula Block, onshore Maluku, for the year 2024.
The block is operated by CITIC Seram Holding.
Production during the period from January 1 to December 31, 2024, totaled 332,803 barrels, with an average daily production rate of 909 barrels of oil per day (bopd). This marks a 21.1% decrease in production compared to 2023, when production averaged 1,149 bopd.
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The company’s reported operating costs per barrel for 2024 increased to US$33.05, compared to US$27.60 per barrel in 2023. Despite the decline in production, Lion Energy highlighted that the joint venture, operated by CITIC Seram Holding, continues to focus on reducing operating costs, with ongoing efforts aimed at maintaining production efficiency while minimizing expenses.
In 2024, the joint venture completed two crude oil liftings—one in June, which amounted to 174,366 barrels, and another in December, totalling 160,440 barrels.
Lion has a 2.5 percent interest in the block.
Editing by Alexander Ginting
