Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Salamander Seeks Partner for Indonesian Oil Field, CEO Says

March 26 (Bloomberg) -- Salamander Energy Plc, a U.K. oil and gas producer in Southeast Asia, is seeking an exploration partner at Indonesia’s North Kutei field as it hunts for resources to counter a decline in output.

The company plans to drill as many as eight wells in the North Kutei area starting in the fourth quarter, Chief Executive Officer James Menzies said today in a telephone interview. It “would like to bring a partner into the acreage” and is in “active discussions,” he said, declining to name any parties.

Salamander expects production to fall to as low as 12,000 barrels of oil equivalent a day this year from 18,600 barrels a day, after selling assets in 2011. Output may rise to about 20,000 barrels a day in 2014 as the company taps Indonesia’s North Kutei and Greater Kerendan regions, and the Greater Bualuang area in the Gulf of Thailand.

Production at Bualuang is “very supportive of the underlying cash flows” as production falls off, Chief Financial Officer Jonathan Copus said today by phone.

The North Kutei field holds 676 million barrels of oil equivalent resources, London-based Salamander said earlier in a statement. The area has “very big prospects,” Menzies said, adding that the company may sell further “non-core” assets in the north of Sumatra and northeast Thailand.

Capital expenditure will increase by 13 percent to $225 million this year.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Stephen Cunningham at scunningha10@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.