By The Jakarta Post
Asia News Network
PHE has operated the Abar block since May 22, 2015, with a commitment to conduct a geological and geophysical study and an offshore 2D seismic survey, as well as drill one exploration well within the first three years of its operations there.
“At the end of the fourth quarter of 2017, PHE Abar had drilled the Karunia 1-X exploration well and successfully discovered gas reserves totaling 84 bscf in the sandstone reservoirs of the Cisubuh and Parigi formations, at a depth of 2,600 feet,” PHE Abar general manager Theodorus Duma said in a statement.
PHE says it has been able to reduce spending by 30 per cent to drill the Karunia 1-X exploration well, compared to its original target stated in its Authorisation for Expenditure approved by the Upstream Oil and Gas Regulatory Special Task Force.
In 2016, PHE drilled a total of 17 exploration wells and discovered contingent resources amounting to 137.91 million barrels of oil equivalent.
In the same year, PHE produced 63,000 barrels of oil per day and 722 million standard cubic feet per day of gas.