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Indonesian President Commissions 13 Oil, Gas Projects

Posted on: Saturday, 29 October 2005, 09:00 CDT

Indonesian president commissions 13 oil, gas projects

JAKARTA, Oct. 28 (Xinhua) -- Indonesian President Susilo Bambang Yudhoyono in Jambi on Friday commissioned 13 oil and gas projects located in different parts of Indonesia and having a combined investment value of 1.213 billion US dollars.

The 13 projects had actually already began producing oil and gas between late 2004 and early 2005, adding 69,700 barrels per day to national oil, 1.530 million cubic feet per day to national gas and 16,600 barrels per day of liquefied petroleum gas (LPG) production, official news agency Antara said.

The 13 projects were symbolically inaugurated at the same time at a ceremony at state oil and gas company PT Pertamina's central facility in the Kenali region in Jambi Province.

Among the projects were an oil field managed by BP West Java in West Java Province, an oil field operated by Kodeco in East Java Province, oil fields operated by Total EP Indonesia in East Kalimantan Province, an oil field in Tanggulangin in East Java Province, oil and gas blocks in Gondang and Sukowati in East Java Province.

Indonesia's oil production declined by 5 percent this year over the past five years as almost 90 percent of existing oil fields have almost dried up.

The government has offered incentives to investors who are prepared to operate marginal and brown oil field in order to keep national oil and gas production at a certain level.

Source: Xinhua News Agency - CEIS

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