Medco mulls applying CTD in South Natuna Sea Block B PSC
Monday, January 9 2017 - 04:41 AM WIB
Courtesy of Medco
Medco E&P Natuna Ltd., a subsidiary of IDX-listed energy company PT Medco Energi Internasional Tbk, is currently reviewing the possibility of applying Coiled Tubing Drilling (CTD) program in South Natuna Sea Block B PSC, Riau Archipelago Province, according to an official of the firm.
"Medco is currently reviewing (possibility) to implement the CTD program in order to provide optimal production at a lower cost in the field (reservoir)," Senior Manager Relations and Security of Medco E&P Natuna Ltd., Drajat Panjawi, told Petromindo.com.
Drajat said that his company gives priority to the safety of personnel and facilities at the work site in implementing the program.
Medco announced on November 17 of last year it had completed the acquisition of ConocoPhillips Indonesia Inc Ltd (CIIL) and ConocoPhillips Singapore Operations Pte. Ltd. (CSOP), both of which are subsidiaries of ConocoPhillips (COP).
CIIL, which is the operator of the South Natuna Sea Block B PSC with a 40 percent interest, is also the operator of the West Natuna Transportation System (WNTS). CSOP operates an onshore receiving facility in Singapore.
Medco President Director Hilmi Panigoro said earlier that Medco will try to maintain stable production of the newly acquired oil and gas asset. He added that with the acquisition, Medco will have a combined production capacity of 90,000 boepd, assuming that the South Natuna Sea Block B PSC can contribute around 28,000 boepd.
Editing by Reiner Simanjuntak