Energi Mega Persada (ENRG) Targets 15% Increase in Oil and Gas Production in 2024

February 13, 2024, 03.05 PM  | Reporter: Diki Mardiansyah
Energi Mega Persada (ENRG) Targets 15% Increase in Oil and Gas Production in 2024

ILUSTRASI. PT Energi Mega Persada Tbk ENRG

CORPORATE STRATEGIC - JAKARTA.  Oil and gas mining company, PT Energi Mega Persada Tbk (ENRG) is targeting an increase in oil and gas production by 10% - 15% or around 37-38 thousand barrels equivalent per day in 2024.

Energi Mega Persada's Investor Relations Advisor, Herwin W. Hidayat, said that throughout 2023, ENRG managed to produce about 5,700 barrels of oil per day and 164 million cubic feet of gas per day from the oil and gas assets operated by the company.

"In 2024, we hope to increase our oil and gas production by 10-15% from last year," Herwin told KONTAN on Tuesday (13/2).

He stated, it should be remembered that in addition to production growth from existing assets (organic growth), ENRG is also in the process of acquiring two oil assets in Riau, Sumatra. These two assets are commercially producing and it is expected that this acquisition process can be completed in the first semester of 2024. 

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Furthermore, Herwin conveyed, currently more than 90% of oil and gas production comes from four assets operated by ENRG, namely the Bentu gas asset (Riau), the Kangean gas asset (East Java), the Malacca oil asset (Riau), and the Sengkang gas asset (South Sulawesi).

The plan, said Herwin, is to focus on optimizing oil and gas production from these four assets this year.

Next, ENRG will also conduct drilling in exploration and development wells, as well as mapping oil and gas reserve locations in other assets such as in Tonga and Gebang (both in North Sumatra), Korinci Baru (Riau), Work Area - B (Aceh), and others.

This year, ENRG plans to allocate capital expenditure (capex) of US$ 150 million which will be allocated for drilling activities, where these activities will be focused on increasing oil and gas reserves.

Editor: Khomarul Hidayat
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