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.
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|Title Annotation:||CORPORATE NEWS IN BRIEF|
|Publication:||Indonesian Commercial Newsletter|
|Date:||Sep 1, 2011|
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