Indonesia Energy Corp hits oil onshore
JAKARTA, September 16, 2021 – Indonesia Energy Corporation expects to double its production after discovering oil in two onshore exploration wells on the Kruh block, the E&P company announced on Wednesday.
The Kruh 26 well found oil sands between depths of 3,100 and 3,228 metres, with oil bearing intervals higher than expected.
The Kruh 25 and Kruh 26 wells were drilled in half the time budgeted, making the dual operation cost under the expected USD 1.5 million.
Full production of the wells is planned for October 2021, which is expected to increase the company’s production and revenue by more than 100%.
A third exploration well, Kruh 27, is slated to be drilled as part of Indonesia Energy Corporation’s 2021 drilling programme.
In 2018, Kruh block produced an average of 9,900 barrels of oil per month.