Medco Sets Production at 60,000 Barrels per Day

Jakarta (Antara) - PT Medco Energy International Tbk. has set a target of producing 60,000 barrels of oil equivalent per day (BOEPD) for 2015. "Our target is around that. It will remain at around 60,000 BOEPD while the price trend is still downward," president director of PT Medco E&P Indonesia, Frilla B Yaman, said at a media gathering here on Saturday. Frilla explained that Medco's current production remains around 60,000 barrels per day, consisting of 43,000 barrels from oil blocks it managed at home and the remainder from overseas. He said future trends point towards operators carrying out oil and gas management as efficiently as possible or "tightening their belts," he added. This will result in the company's capital expenditure remaining at between US$400-US$500 million per year, he said. PT Medco Energi International Tbk. corporate secretary Imron Gazali said Medco currently operates 14 oil blocks at home and six blocks abroad. "Six blocks abroad are located in Papua New Guinea, Oman, the US, Yemen, Tunisia, and Libya," he said. (*) reporting by edy sujatmiko