Indonesian Oil Firm to Begin Exploration in Libya Late 2006
Posted on: Wednesday, 12 October 2005, 09:00 CDT
Indonesian oil firm to begin exploration in Libya late 2006
JAKARTA, Oct. 11 (Xinhua) -- Indonesia's state-owned oil and gas firm Pertamina plans to start oil exploration in Libya in late 2006 with estimated cost of 3.6 billion US dollars, an executive said here Tuesday.
Pertamina, which has won two oil blocs in Libya through a bidding process earlier this month, will run the Sirt Bloc with estimated oil reserves of 300 million to 400 million barrels and the Sabrata Bloc which has oil reserves of 690 million barrels, said the company's president Widya Purnama.
The exploration cost is estimated at 1.6 billion dollars for the Sirt Bloc and 2 billion for the Sabrata Bloc, he said.
Source: Xinhua News Agency - CEIS
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