To spend US$40mn on oil field exploration in Libya
Medco plans to spend US$40mn on exploration activities on Area 47 oil block in Libya this year. The company said that it would focus on appraisal and exploration activities including drilling three more exploration wells in addition to the 21 wells they have already drilled. The drilling program also includes the completion and testing of three previously drilled wells which were suspended. Area 47 is estimated to have contingent reserves of 307 million barrel of oil.
Meanwhile, Medco’s oil production in Indonesia fell to 35,000 bpd (barrels per day) in 2009 from 45,000 bpd in 2008. Its gas production also fell from 108.1 BBTUD (billion british thermal units per day) in 2009 to 104.3 BBTUD in 2008.
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