EMP Discovers 156 Mln Barrels of Oil in Malacca Strait Block

Oil rig
Summary

PT Energi Mega Persada Tbk (EMP), through its subsidiary, PT Imbang Tata Alam (ITA), discovered 115 million barrels of oil reserves in the Ringgit Field of the Malacca Strait Block. The discovery is under certification by Gaffney Cline & Associates, the leading oil and gas consultant.

Based on the Advanced Field Development Optimization (OPLL) in the TB Field, ITA also discovered additional 41 million barrels of reserves. As a result, the total discoveries of original oil in place in the TB and Ringgit fields in the Riau Province block reached 156 million barrels.

EMP Chief Executive Officer Syailendra Bakrie said the new oil discovery would positively impact the company's production and financial performance shortly. "With the completion of the drilling activity at the new oil discovery location, ITA as the operator and owner of a 100 percent working interest in the Malacca Strait Block can become one of the ten largest oil producers in Indonesia," he said Monday.

EMP Chief Financial Officer Edoardus Ardianto said ITA would drill 19 development wells in the TB and Ringgit fields following the new findings. He revealed that the estimated cost of commercially producing this discovery of oil reserves is around Rp 2 trillion to Rp 2.5 trillion in 2022 and 2023.

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