JAKARTA (Yosefardi) – Total E&P Indonesie allocates US$2.5 billion for developing Mahakam block this year, Investor Daily reported this morning.
Kristanto Hartadi, head of media relations for Total E&P Indonesie, said this allocation of fund is part of effor to achieve gas production target of 1.66 billion standard cubic feet per day (bcfd) and 63,000 barrel per day (bpd) of oil and condensat.
Of total investment, Hartadi added, US$1.5 billion is allocated for drilling while the rest for well intervention/services, seismic and general administration.
The company plans to drill 116 development wells and to work on more than 10,000 well intervention/services. It also continues to develop Sisi Nubi 2B project, Peciko 7B project, and South Mahakam 3 project.