Indonesia's Medco Energi maintains production forecast for 2024

PT Medco Energi Internasioanl in Indonesia is keeping its oil and gas production guide for 2024 at 145,000-150,000 barrels per day despite the fact that output was above guidance during the first half. An executive revealed this on Monday. Director Ronald Gunawan stated that the company's production of oil and gas in the first half of this year was 153,000 boepd. This is above the guidance, but below the same period the previous year.

The Corridor Block's contribution to the output in the first half of the year was lower than expected.

The firm was awarded a contract in late-last year.

Divestment

Gunawan stated that the lower gas demand in Singapore was due to a block of land in Vietnam.

He said that the higher production of its Block 60 operations in Oman, and Forel in Natuna Sea partially offset this.

Gunawan stated that "in the second half of 2024, we will see more oil and gas production in Forel as well as West Belut." Both are new developments. "We're confident that the average annual production will rise to the upper limit of the 2024 guidance." (Reporting and editing by John Mair; Fransiska Nanangoy)

(source: Reuters)