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| Oil Drilling |
Petronas Scratching more Indonesian oil in 2015
Coverage 6
A drop in oil prices in the international market does not
make oil and gas companies (oil and gas) from Malaysia Petroliam Nasional Bhd
(Petronas) to tighten the belt.
The Malaysian oil and gas SOE does not intend to cut
capital spending next year. In fact, Petronas intends to boost production of
oil and gas blocks under its management in Indonesia.
Country Chairman of Petronas Carigali Indonesia Hazli
Sham Kassim said the company aims of the Indonesian oil and gas production of
35 thousand barrels of oil equivalent per day (boepd) in the next year, up from
this year 31 thousand boepd.
"This growth will be contributed by new wells coming
from Block Ketapang. We have drilled wells more than a plan which is about
three wells," said Hazli as reported by the Star Online, Saturday
(12/13/2014).
Petronas started to go in the upstream oil and gas
business in Indonesia since 2000. Currently, Petronas has the right of
participation (participating interest) in nine blocks in the country include
three production blocks, four blocks in the exploration phase and two blocks in
the development stage.
In the development of these blocks, Petronas cooperate
among others with Pertamina, Exxon Mobil and PetroChina.
The fall in oil prices is expected Hazli will depress
profits pocketed by the company. But the plus side is, the lower the cost of
oil and gas drilling equipment.
In addition to the upstream operations, Petronas is also
involved in downstream business in Indonesia in the marketing and trading of
industrial fuel and lubricant products.
Currently, a subsidiary of PT PLI Indonesia, which
focuses on lubricant products, targeted included in the five major players in
Indonesia in 2020.
"Petronas Chemicals Group Bhd also has a
representative office in Indonesia to promote our petrochemical products,"
said Hazli.
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