An offshore investment subsidiary of Basic Energy Corporation has scheduled new batch of drillings covering three wells at its oil extraction prospect in Indonesia.

The company, in a disclosure to the Philippine Stock Exchange (PSE), has noted that the corporate vehicle for the Indonesia upstream oil venture PT Basic Energi Solusi already reached ‘spud-in’ on the fourth and fifth wells; while preparations are underway for the sixth well.

These additional wells will be a follow-through to the first three wells that were drilled so far since the investment announcement was made last year.

PT Basic Energi Solusi, which is a joint venture firm between Filipino company Basic Energy and Malaysian firm Petrosolve Sdn Bhd, earlier set its sights on drilling at least 10 shallow wells for petroleum resource re-development activities in Central Java.

On the initial three wells already drilled, PT Basic Energi Solusi has reported that “the first well has reached its target depth.”

However, the joint venture firm emphasized that it “encountered complications and cannot immediately produce.”

It added that “the second and third wells are continuing operations to drill and test these wells. Further studies are to be done to optimize oil recovery prior to the construction of production facilities and going into the production phase.”

Based on project plans earlier laid down, Basic Energy will be lending its expertise on upstream petroleum ventures; while its Malaysian partner will share its patented technology to help enhance production at the targeted wells.

Via the application of Petrosolve’s chemical enhancement technology, the joint venture firm noted that they intend to boost oil recovery even at those so-called oil and abandoned wells.

Leaning on track record it already logged in the Philippine energy sector, Basic Energy is not just looking at overseas prospects on petroleum exploration, it has also been diversifying its portfolio chiefly into renewable energy technologies.

Source: http://www.mb.com.ph/basic-energy-sets-3-more-well-drilling-for-oil-in-indonesia/