Genting Oil to invest US$ 872 million.
Genting Oil Natuna Pte Ltd, an oil company from Malaysia, has
secured an approval for its plan to develop the Ande-Ande Lumut field in
Northwest Natuna with a total investment of US$871.9 million. Other than
Genting Oil, a local oil company PT Odira Energy Karang Agung-a
subsidiary of PT Odira Energy Persada has also secured an approval for
its plan of development (PoD) in the Ridho Filed in South Sumatra. The
company has set aside USS28.6 million for the project. Energy and
Mineral Resources Minister Jero Wacik said the two oil field operators
are expected to immediately implement their projects after the PoD
approval. In fact Genting Oil already signed a production sharing
contract for the Ande-Ande Lumut field in 2004. The filed is expected to
start producing oil averaging 5,000 barrels per day in 2014 or 2015. The
oil field is expected to remain productive in 30 years.