PetroChina’s Indonesia crude output triples over 2002-2011

29-Jun-2012 Intellasia | Platts | 7:01 AM

China’s state-owned PetroChina said Tuesday that gross production of crude oil from its Indonesian projects last year totalled 5.67 million mt, or 113,866 b/d, more than triple the volume in 2002 when it first entered the market.

PetroChina currently operates eight blocks in Indonesia, including Jabung, Tuban, Salawati Basin, Salawati Island and South Jambi B.

It entered Indonesia in 2002 through the acquisition of US-based Devon Energy’s Indonesian portfolio for $216 million – marking its first overseas foray in the upstream arena, the company said in a report on its website. Its annual production growth in Indonesia has averaged 15.7 percent since then.

PetroChina said it has successfully employed its own enhanced oil recovery and production stimulation techniques to increase production.

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