REPUBLIKA.CO.ID, JAKARTA -- State oil and gas company Pertamina has increased its control of the Offshore North West Java (ONWJ) oil field , an official said.
Pertamina's shares in ONWJ rose 14.5 percent to 72.5 percent, Oil and Gas Director General I Gusti Nyoman Wiratmadja Puja said here on Tuesday.
Other shareholders include EMP ONWJ ltd with share of 24 percent and Kufpec Indonesia a 2.5 percent shareholders.
The share of EMP ONWJ ltd was reduced from 36 percent and that of Kufpec Indonesia was cut from 5 percent.
ONWJ has a reserve of 61.23 MMSTB of oil and 245 BSCF of gas by January, 2015 with production averaging 40,075 BOPD of oil and 179 MMSCFD of gas until Dec. 20, 2015.
Meanwhile, Pertamina Hulu Energi Offshore North West Java (PHE ONWJ) ended the year of 2015 with production averaging 40.069 barrels of oil per day (BOPD).
"We are pleased with the performance amid falling price of crude oil,"General Manager of PHE ONWJ, Irwansyah said.
Based on an agreement with the Upstream Oil and Gas Regulator (SKK Migas), PHE ONWJ sets production target at 37.3 MBOPD and 163 MMSCFD of gas in 2016.
With that production target, SKK Migas approved on the budget of WP&B PHE ONWJ at US$565 million in 2016 for capital and operation spending.
PHE ONWJ is the operator of the ONWJ block under SKK Migas since July 2009 with operation area of 8,300 square kilometers in the Java sea.
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