Production Of 115 Million Barrels Of Oil Findings In Malacca Strait, Oil And Gas Company Owned By Bakrie Conglomerate Ready To Disburse Funds Of Up To IDR 2.5 Trillion

JAKARTA - PT Energi Mega Persada Tbk (ENRG) is increasingly optimistic that it can continue to improve its financial performance. Moreover, one of the company's subsidiaries, namely PT Imbang Tata Alam (ITA) has found new oil of up to 115 million barrels from the Malacca Strait PSC block.

As stated by the Managing Director of Energi Mega Syailendra S. Bakrie in an information disclosure to the Indonesia Stock Exchange (IDX), Monday 6 June. "The discovery of this new oil will have a positive impact on the company's production and financial performance in the near future," said Syailendra.

Syailendra explained, The discovery of the new oil is in the process of being certified by Gaffney, Cline & Associates, which is one of the world's leading oil and gas consultants.

In addition, based on the Advanced Field Development Optimization (OPLL) work in the TB Field, ITA also managed to find an additional 41 million barrels of on-site oil. "For this reason, the total number of on-site oil discoveries (Original Oil in Place) in the TB and Ringgit fields is 156 million barrels (115 million barrels + 41 million barrels)," Syailendra added.

Syailendra also hopes that with the completion of drilling activities at the new oil discovery location, ITA can become one of the 10 largest oil producers in Indonesia.

That way, said Syailendra, the company will continue to support the Government's target of achieving the production target of 1 million barrels of oil per day and 12 billion cubic feet of gas per day by 2030.

On the other hand, ITA will drill 19 development wells in the related field to start producing the new oil discovery. The estimated expenditure (related costs) to produce this discovery of oil reserves commercially is around IDR 2–2.5 trillion in 2022 and 2023," said Syailendra.

Syailendra also said that SKK Migas gave full support for exploration and development activities carried out by all PSC Contractors, including the discovery of oil content by ITA in the Malacca Strait PSC block, and would continue to cooperate with PSC Contractors to meet national oil and gas production targets.

"It is hoped that the current high price of oil and gas can motivate PSC Contractors to accelerate their exploration and development activities," said Syailendra.