Since September 2011, the company through its subsidiary PT Benakat Patina, has acquired the Patina, owner of the Joint Operation contract with Pertamina EP to manage oil and gas operations in the area of Bangkudulis, East Kalimantan.
This 15 year old KSO Pertamina EP - Patina contract was signed on 25 April 2007 with an operational area of 18 km2 in the Bangkudulis Field, which located at Mangkudulis island, Tana Tidung, East Kalimantan Province. The location can be reached by speedboat from Tarakan town within 40 minutes.
KSO Pertamina EP - Patina is the first joint operation to successfully complete all items of the Firm Commitment, namely:
1. Geological and geophysical studies based on the available reserves
2. Drilling of 2 (two) development wells (BKD-2st and BKD-3AST)
3. New 3D seismic data acquisition
4. Geological and geophysical studies based on new seismic and well data,
Based on new 3D seismic data, further geological and geophysical studies were conducted in cooperation with Pertamina UTC (Upstream Technology Center). The study results show the presence of 5 (five) prospective structures in the Bangkudulis Area of Operations with overall potential oil resources of 9:5 MMSTB (million stock tank barrels)
Production facilities in the field are still temporary, permanent facility construction will be done for a capacity of 4,500 BOPD (barrels of oil per day) which is projected to be achieved by 2014. Meanwhile, geological and geophysical studies based on current data show that Bangkudulis Field also has a quite large potential for natural gas. Total gas reserves and resources are expected to reach 90.0 BSCF (billion standard cubic feet). Commercialization of this gas is expected to begin promptly with an initial production rate of approximately 8 MMSCFD (million standard cubic feet per day) and will reach a rate of 30 MMSCFD by 2016. Since starting operations to date, work without loss of time due to workplace accidents has achieved more than 630,619 manhours.
In addition to the development and optimization of existing energy assets, BIPI also undertaking strategic acquisitions and cooperation with strategic partners in the energy business to strengthen its foundation in the field of oil and gas. In 2010 BIPI acquired a 37.67% stake in PT Elnusa Tbk., and in 2011 acquired a 10.3% stake in PT Buana Listya Tama Tbk, a petrochemical shipping company.