Premier Oil Finds Oil And Gas Reserves In Andaman II Block, Here's The Amount

JAKARTA - Premier Oil's Cooperation Contract Contractor (KKKS), operator of the Andaman II block located 150 km off the coast of Aceh, has discovered oil and gas reserves.

The discovery was made after Premier Oil completed drilling the Timpan-1 exploration well at a depth of 4,245 feet.

The well was drilled vertically in total at a depth of 13,818 feet below sea level.

Based on the tests, the well flows 27 million cubic feet of gas per day (MMSCFD) and 1,884 barrels of condensate per day (BOPD).

Andaman Premier Oil Ltd. will soon conduct a post-drill evaluation study to determine the next exploration steps in an effort to commercialize this discovery off the coast of the North Sumatra basin.

Deputy for Planning of SKK Migas Benny Lubiantara expressed his appreciation to the relevant SKK Migas and Premier Oil for the hard work and synergy that was carried out so that oil and gas reserves were found in the Andaman II Block.

“Our shared commitment to encourage exploration in 2022, which is more massive than last year, has yielded positive results. This discovery is not only encouraging news for Premier Oil as an operator, but also for the upstream oil and gas industry as a whole because it will contribute to efforts to achieve the 2030 target, namely oil production of 1 million BOPD and gas 12 billion cubic feet per day (BSCFD) ", said Benny through an official statement, Tuesday, July 12.

Benny further said that in the future SKK Migas will encourage Premier Oil to drill in other structures in the Andaman Block which have a number of similar structures.

“Following the discovery of the Timpan-1 well drilling carried out on one structure, I received a report that Premier Oil will focus on structures in the western area that have the same play as the current discovery. This is encouraging news, and we are optimistic that in the future oil and gas reserves will be found in this block," said Benny.

“Exploration off Aceh ended in 2012 or 10 years ago, Premier Oil resumed exploration after seeing the excellent potential in this block, and we received good news with the discovery of oil and gas. Along with the discussion of work, program & budget (WPnB) in 2023, SKK Migas will encourage Premier Oil to reinvest in this block, so that discoveries can be found in the future," added Benny.

For the discovery of the results of the Timpan-1 exploration well drilling, SKK Migas immediately coordinates with Premier Oil KKKS so that the findings can be immediately followed up in an effort to commercialize this finding so that it will have a positive impact on increasing national oil and gas production.

The findings by KKKS Premier Oil, which is a subsidiary of Harbor Energy, one of the world's oil and gas companies in the UK, which has a participating interest of 40 percent as well as being the operator, BP 30 percent and Mubadala Petroleum 30 percent shows that the potential of upstream oil and gas in Indonesia is still attractive to foreign investors. .