Premiere Shipment of Medco from Gas Production Facility Senoro
KATADATA ? PT Medco Energi International Tbk. has announced that his side has conducted the first condensate shipment from the upstream gas production facility Senoro. The shipment includes 210 thousand barrels of condensate on Tuesday (18/8).
The President Director & CEO of Medco Energi, Lukman Mahfoedz, said that the sale of the cargos is conducted by using the Free on Board (FOB) Delivery Point Scheme. The buyers would bear the delivery cost of the condensate. However, he did not mention who are the buyers of this first shipment.
According to Lukman, the first shipment belongs to the Medco Energi as one of the shareholders of the Joint Operating Body Pertamina ? Medco E&P Tomori Sulawesi (JOB-PMTS). The next shipment would belong to Pertamina Upstream Energy (PHE) and the government.
Lukman also considered that the first shipment is important for the company?s development strategy. He hoped that the government would give a greater opportunity for national companies to take part in the development of energy sector in Indonesia.
?The shipment is also a proof of success of the Company in finishing the final stage of the important commercial aspect in the project,? said Lukman based on his explanation to the press that Katadata received, Wednesday (19/8).
The Upstream Gas Production Senoro is operated by the JOB-PMTS. The shareholders are the MedcoEnergi (30%), PT Pertamina (Persero) (50%), and Tomori E&P Ltd. (20%). MedcoEnergi pioneered the project after receiving the block JOB Senoro Tomori in the year of 2000.
Medco had mentioned that it was hard to develop this gas field because the distance is quite far from the infrastructure networks as well as the gas market. The development of the field, which has gas supply up to 1.9 trillion cubic feet (TCF), has taken up to US$ 1.2 billion of investment.
The Upstream Gas Production Facility Senoro owns two Train of production facilities. Both of them are capable to produce up to 310 million cubic feet per day (MMSCFD) and condensate in the amount of 8,500 barrels per day (bpd).
