SURABAYA: The production of gas reserves of PT Energi Mega Persada (ENRG) reached 85% of total company-owned oil and gas reserves for 586 million barrels of oil equivalent.
President Director of Energi Mega Persada Imam Agustino said the domination gas production was contributed by the success of PT Kangean Energi Indonesia since the end of May 2012 which has been producing 300 million cubic feet per day.
As the company reported, volume of gas production was 100% contracted with a selling price of US$5.15 per mmbtu (at the wellhead) with the escalation of 3% per year to PLN, Pertagas (Pertamina) and Indogas.
Meanwhile, contracts for US$4.93 mmbtu (at the wellhead) with the escalation of 2.5% per year belongs to the Petrochemical Gresik.
"We expect the increase of the gas production can give additional value since the trend of gas prices continues to show improvement in Indonesia," said Imam on the sidelines. (T03/TW)