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Indonesian energy giant Pertamina has concluded its drilling of 12 new oil wells in the middle of the Sahara desert in Algeria, which marked the state-owned company\u2019s first development project outside of Indonesia. <\/p>\nIndonesian energy giant Pertamina has concluded its drilling of 12 new oil wells in the middle of the Sahara desert in Algeria, which marked the state-owned company\u2019s first development project outside of Indonesia. <\/p>\n
Pertamina\u2019s subsidiary, Pertamina International Exploration Production (PIEP), started the latest development of the Menzel Lejmat North (MLN) field in Block 405a, with the wrap-up of the drilling of its 12th well on March 17, according to a PIEP statement published.<\/p>\n
PIEP earmarked US$14 million to drill each well but managed to cut costs and spend between $8.5 million and $10 million per well. The company did not explain on how it slashed spending, which resulted in an estimated budget saving of $100 million.
\nThe firm also cut short the duration of the drilling, from the targeted 55 days per well to 35 to 45 days per well. \u201c[This] proves PIEP has the capacity and skills to operate overseas,\u201d PIEP president director John Anis said in the statement, adding that field production would peak in 2021. <\/p>\n
Algeria is among PIEP\u2019s many overseas assets, including in Nigeria, Tanzania and Malaysia, which is expected to boost Pertamina\u2019s upstream business, the biggest contributor to the company\u2019s profits. <\/p>\n
Pertamina\u2019s oil and gas production grew 1.4 percent year-on-year to 919 million barrels of oil equivalent per day (mboepd) in the first quarter, largely contributed by the company\u2019s foreign operation, particularly in Algeria. <\/p>\n
Pertamina took over the MLN field from United States-based ConocoPhillips between 2012 and 2013 as the latter company underwent an asset disposition program. Block output reached 11,000 barrels of oil equivalent in 2012. <\/p>\n
The Indonesian company holds a 65% interest in the field while Spain\u2019s Repsol holds the remaining 35 percent, despite Pertamina\u2019s efforts to acquire the Madrid-based company\u2019s share.<\/p>\n","protected":false},"excerpt":{"rendered":"
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