ExxonMobil Indonesia to spend US$450 million in oil, gas exploration
18/9/2008 17:46
ExxonMobil Indonesia inc. will invest US$450 million for gas and oil
exploration in two blocks in West Sulawesi province, a spokesperson of the
company said in Jakarta today.
The two blocks, Mandar in Polewali Mandar
regency and Surumana near Dongala regency, are predicted to have total reserves
of 1 billion barrels of oil equivalent, the spokesperson, Deva Rahman told
Xinhua.
Some of the funds will be spent on rig hiring, which will cost up to
US$70 million, she said.
Drilling activities in the fields will begin in
December, said Rahman.
Indonesia has been attempting to boost crude oil
output and gas as it failed to find new oil and gas fields fast enough and it
badly needs oil and gas for domestic industries and exports.
Currently, the
country's only can produce 927,000 barrel of oil per day.
Indonesia, the
world's second-biggest liquefied natural gas (LNG) exporter after Qatar, has
more far more gas than oil.
Xinhua
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