Bermuda-Incorporated Firm’s Major Find
A Bermuda-incorporated unit of PetroChina, the world’s second-most valuable oil and gas producer, has found new gas reserves in Indonesia’s Papua region, Indonesia’s energy watchdog BP Migas announced yesterday [Oct. 21].
The new discovery of 5.867 million standard cubic feet of gas will increase PetroChina’s production in the Kepala Burung PSC block, which currently produces 7,000 barrels of oil equivalent per day, BP Migas said in a statement.
Drilling and development of wells in the area will start soon, to target production starting in early 2012, it said.
The find was by PetroChina International [Bermuda], 30 percent owned by PetroChina, 34 percent by Petrogas, 26 percent by RGP Salawati Basin and 10 percent by Indonesia’s state-owned Pertamina Hulu Energy, BP Migas said.
Indonesia, a former OPEC member, is struggling to attract investment and boost output from its ageing oil and gas fields to meet its production targets and growing domestic demand.
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