…Go offshore next year…
President Opens Ujung Pangkah, Oyong Production
President Susilo Bambang Yudhoyono on Tuesday (30/10/07) inaugurated initial oil and gas production in two offshore oil and gas blocks with an estimated investment of $1.232 billion, Platts Commodity News reported.
The first is Hess’ Ujung Pangkah block in East Java, where total investment will reach $930 million. The block produces 100 million cu ft/d, 1,800 b/d of condensate currently. It is expected that the block will reach its peak capacity of 25,000 b/d of oil and condensate as well as 6,000 b/d of liquefied petroleum gas by 2009, Minister of Energy and Mines Purnomo Yusgiantoro said. The second block inaugurated was Santos’ Oyong block in Madura, East Java. The block is expected to produce 8,000-10,000 b/d of oil and 60 million cu ft/d of gas in its peak capacity by 2009. Total investment for Oyong will reach $302.6 million, Yusgiantoro said.