MedcoEnergi discovers additional oil and gas in Indonesia and Libya

MedcoEnergi has explored and discovered further oil and gas from two wells located in Indonesia and Libya respectively.

Located in South Sumatera Block, Indonesia, the Hijau-2 well was drilled to a vertical depth of 5,695ft.

The well proved a 35m gas column in the Baturaja limestone formation and a drill stem test confirmed a gas flowrate of 5.05 million standard cubic feet per day via a 24/64 inch choke.

The second well, dubbed O2, is located in Area 47, Libya. It was drilled to a total depth of 10,780ft.

Initial tests demonstrated the well flowing 3,300 barrels of oil per day and 140,000 standard cubic feet per day of gas through a 48/64 inch choke in the Top Lower Akakus formation.

MedcoEnergi president director and CEO Lukman Mahfoedz said: "These successes prove our Company’s strong capability in exploration with more and more discoveries of new oil and gas resources in Indonesia as well as overseas.

"This achievement will contribute to MedcoEnergi’s growth by adding oil and gas reserves and increasing the Company’s reserve life index."

The Government of Libya recently declared the commerciality of B, C and J structures in Area 47.

MedcoEnergi, with its partners National Oil Corporation Libya and Libyan Investment Authority, will start the development together with the A, D and F structures, which were declared commercial in 2011.

The combined oil and gas recoverable reserves are expected to be 250 million barrels of oil equivalent.

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Image: Gas flaring during the Hijau-2 well testing. Photo: Courtesy of MedcoEnergi.