Improving the Value-Risk Management on Revitalizing Mature Oil Fields in OneCompany’s Operating Area

摘要

PERTAMINA's mature oil and gas fields inrnIndonesia have a typical problem related to the followingrnconditions, e.g.: limited data quantity and quality, depletedrnreservoir with a high watercut, sand/scale problems, smallrnfields in different area (scattered), and mostly having an oldrninfrastructure. However, PERTAMINA has strengths onrnexperienced engineers (local knowledge), high asset valuern(reserves, operation area, production facilities, and existingrninfrastructure), committed gas markets, mostly onshore fields,rnand the fields still under primary recovery. Moreover, therernare some unexplored "upside potentials" (deep zones, shallowrnprospects, adjacent area) surrounding the existing fields.rnThis paper introduces and discusses the efforts ofrnManagement of PERTAMINA Indonesia on managing thernvalues and the risks of the mature fields through a spirit ofrnmaximizing their economic recovery. It covers all thernpotentials by valuation of the assets and making their portfoliorninvestment, applying a new selected technology and approachrnfor focused area, creating a new interpretation for old availablerndata, and optimizing the method of existing production.rnAssessing the assets (from reserves to surfacerninfrastructures and company strengths) becomes a primary andrncritical step before prioritizing and focusing the objective area.rnThen a reserves evaluation is the further step that maps a newrnbusiness opportunity. One of the conclusions of reservesrnevaluation is that the unrecoverable reserves ofrnPERTAMINA's mature fields are still huge and possiblyrnrecovered by enhanced oil recovery methods.rnBy taking the experiences on rejuvenating the SouthrnSumatra, East Java, and Kalimantan mature fields, and thernpartnership of TAC, JOB, and BOB in managing the maturefields, management of PERTAMINA has self-assurance onrnfurther development of their mature fields spread on therneleven operation areas in Indonesia. PERTAMINA puts arngreat hope on creating the values of their mature fields in thernnear future