Oil Prices Continue to Decline, Pertamina Starts Drilling Wells in Blora Area
Era Fakta. Weak global economic growth affected the decline in the Indonesian crude price (ICP) price in November 2018. The November 2018 ICP also fell in the figure of USD 62.98 per barrel or down by USD 14.58. This ICP is the lowest for a period of 6 months.
The Head of the Communication, Public Information Service and Cooperation Bureau of the Ministry of Energy and Mineral Resources, Agung Pribadi, explained that US policies that provide exceptions to eight countries to import crude oil from Iran resulted in oversupply. '' Stocks of crude oil are abundant on the global market, '
Another impact that resulted in oversupply was the abundance of Saudi Arabian crude oil production due to anticipation of sanctions against Iran. As well as an increase in US crude oil supply by 24.5 million barrels in November 2018.
The excess supply is in line with the November 2018 International Energy Agency (IEA) publication which stated that OPEC crude oil production in October 2018 had increased by 127 thousand barrels per day. In addition, this year's non-OPEC crude oil supply projection increased 170 thousand barrels per day to 60.3 million barrels per day compared to the previous month's projection.
On the other hand, the International Monetary Fund (IMF) projects world economic growth in 2018 to slow down to 3.7 percent. Down 0.2 percent compared to the previous month's projection.
"In the Asia-Pacific region, the decline in crude oil prices is influenced by several factors," he said. Among other things, the slowdown in China's economic growth due to trade wars with the US and the weakening demand for crude oil and crude oil products from Japan and Korea.
Meanwhile, PT Pertamina EP Asset 4 Cepu Field has begun drilling the North Kedungtuban exploitation well (NKT-01 TW) in Blora, Central Java. The drilling is targeted to produce 9 MMSCFD gas.
Acting Cepu Field Manager Aley Hildan stated that the NKT-01TW well has considerable oil and gas potential. '' The target of this drilling is about 9 MMSCFD of gas. Currently Cepu Field gas production is at number 68 MMSCFD, 'he said last weekend. Drilling of the well took 69 days with a final depth of 2,909 meters.
The production of oil and gas Pertamina EP Asset 4 as of November 23, 2018 has reached 17,235 BOPD (barrel oil per day) or around 121.65 percent above the target. The subsidiary of PT Pertamina EP targets the company's oil and gas production this year to reach 14,032 BOPD.
Significant increase in asset 4 performance is a positive contribution from each field. For example, Cepu, Poleng, Papua, Donggi Matindok, and especially Sukowati fields. The biggest contributor to the increase in production at asset 4 is the Sukowati field with service in several wells, especially for repairing bonding cement.
As of November 29, 2018, Sukowati field oil production has reached 9,697 BOPD. That number exceeded the field's oil production target this year of 8 thousand BOPD. Gas production in asset 4 also reached 184.17 MMSCFD. That figure is more than 13 percent of the gas production target of 157.59 MMSCFD.
The Head of the Communication, Public Information Service and Cooperation Bureau of the Ministry of Energy and Mineral Resources, Agung Pribadi, explained that US policies that provide exceptions to eight countries to import crude oil from Iran resulted in oversupply. '' Stocks of crude oil are abundant on the global market, '
Another impact that resulted in oversupply was the abundance of Saudi Arabian crude oil production due to anticipation of sanctions against Iran. As well as an increase in US crude oil supply by 24.5 million barrels in November 2018.
The excess supply is in line with the November 2018 International Energy Agency (IEA) publication which stated that OPEC crude oil production in October 2018 had increased by 127 thousand barrels per day. In addition, this year's non-OPEC crude oil supply projection increased 170 thousand barrels per day to 60.3 million barrels per day compared to the previous month's projection.
On the other hand, the International Monetary Fund (IMF) projects world economic growth in 2018 to slow down to 3.7 percent. Down 0.2 percent compared to the previous month's projection.
"In the Asia-Pacific region, the decline in crude oil prices is influenced by several factors," he said. Among other things, the slowdown in China's economic growth due to trade wars with the US and the weakening demand for crude oil and crude oil products from Japan and Korea.
Meanwhile, PT Pertamina EP Asset 4 Cepu Field has begun drilling the North Kedungtuban exploitation well (NKT-01 TW) in Blora, Central Java. The drilling is targeted to produce 9 MMSCFD gas.
Acting Cepu Field Manager Aley Hildan stated that the NKT-01TW well has considerable oil and gas potential. '' The target of this drilling is about 9 MMSCFD of gas. Currently Cepu Field gas production is at number 68 MMSCFD, 'he said last weekend. Drilling of the well took 69 days with a final depth of 2,909 meters.
The production of oil and gas Pertamina EP Asset 4 as of November 23, 2018 has reached 17,235 BOPD (barrel oil per day) or around 121.65 percent above the target. The subsidiary of PT Pertamina EP targets the company's oil and gas production this year to reach 14,032 BOPD.
Significant increase in asset 4 performance is a positive contribution from each field. For example, Cepu, Poleng, Papua, Donggi Matindok, and especially Sukowati fields. The biggest contributor to the increase in production at asset 4 is the Sukowati field with service in several wells, especially for repairing bonding cement.
As of November 29, 2018, Sukowati field oil production has reached 9,697 BOPD. That number exceeded the field's oil production target this year of 8 thousand BOPD. Gas production in asset 4 also reached 184.17 MMSCFD. That figure is more than 13 percent of the gas production target of 157.59 MMSCFD.
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