U.S. Firm to Invest in Indonesian Oil Block
Posted on: Saturday, 18 March 2006, 09:00 CST
U.S. firm to invest in Indonesian oil block
JAKARTA, March 17 (Xinhua) -- U.S. oil firm Anadarko Petroleum Corporation plans to invest 50 million U.S. dollars in an off- shore oil block in Indonesia's East Java province, a government official said Friday.
"It will be the first Indonesian investment by Anadarko," said Amir Hamzah, spokesman of the Oil and Gas Executive Body (BP Migas) .
He made the remarks in a news conference held in the East Java Capital of Surabaya in the presence of Anadarko Indonesia Company general manager Gregory Lanham, reported Antara national news agency.
The company will begin exploration works in three wells this year and two others next year, he said.
"The exploration aims to discover oil and production is targeted in 2009-2010. The estimated reserve is not known yet but Anadarko said it is quite large," Amir said.
If the exploration finds nothing, Anadarko will shoulder all the costs. If oil is found, the costs will be shared with local oil company Medco, he added.
Source: Xinhua News Agency - CEIS
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