Medco Energi Finds Oil, Gas in Indonesia, Libya

Indonesia’s Medco Energi on Monday said it has successfully explored and discovered additional oil and gas from the Hijau-2 well in South Sumatera Block, Indonesia and from the O2 well in Area 47, Libya.

The Hijau-2 delineation well, located in the South Sumatra PSC, was drilled to a vertical depth of 5,695 ft. (1,736 meters), proving a 35-meter gas column in the Baturaja limestone formation. A Drill Stem Test confirmed a gas flowrate of 5.05 million standard cubic feet per day (MMSCFD).

MedcoEnergi described the well as a “prospect opener” in the still prolific South Sumatra basin, where the company has substantial acreage.

“This discovery is assessed as commercially viable, South Sumatera being an area with existing infrastructure and high gas demand. It will increase the company’s gas production for the domestic market,” Medco said.

Also, the O2 Well in Area 47 in Libya was spudded on 23 May 2014 and drilled to a total depth of 10,780 feet. Initial tests demonstrated the well flowing 3,300 barrels of oil per day and 140,000 standard cubic feet per day of gas.

Furthermore, on 17 September 2014 the Government of Libya declared the commerciality of B, C and J structures in Area 47. MedcoEnergi, with its partners National Oil Corporation (NOC) Libya and Libyan Investment Authority (LIA), will commence this development together with the A, D and F structures, previously declared commercial in 2011.

Combined, the total estimated oil and gas recoverable reserves is 250 MMBOE, Medco said.