ARCO appraisal almost finished<\/p>\n
SINGAPORE (Reuter): Atlantic Richfield Co (ARCO) aims to
\ncomplete an appraisal program at its Irian Jaya gas field by the
\nend of 1997, ARCO Asia Inc President Roger Truitt said yesterday.<\/p>\n
Truitt declined to reveal the level of reserves the company
\nestimated were contained in the gas field -- the Wiriagar and
\nBerau blocks in Bituni Bay.<\/p>\n
But he told Reuters in an interview in Singapore the company
\nwas hopeful it would be able to build at least two liquefied
\nnatural gas (LNG) production lines producing six million tons of
\nLNG each year from the find.<\/p>\n
\"We're optimistic we will be able to do that,\" he said.
\nThe find has been the center of much industry interest, coming
\nhot on the heels of the larger Natuna gas field in the Natuna
\nSea, 135 miles northeast of Natuna Island, which has estimated
\nrecoverable reserves of 46 trillion cubic feet.<\/p>\n
Truitt said the Irian Jaya find was not in Natuna's league and
\nthe projects should not be compared.<\/p>\n
The rest of the appraisal program for the Irian Jaya find
\nwould include three further appraisal wells following the eight
\ndrilled so far.<\/p>\n
He said a statement on Irian Jaya's full appraisal could be
\nmade at the end of the year, but it would only be done in
\nconjunction with the partners in the field and Indonesia's state-
\nowned oil company Pertamina.<\/p>\n
ARCO holds 80 percent of the Wiriagar field. Japan's Kanematsu
\nCorp [8020.T] holds the remaining 20 percent.<\/p>\n
ARCO holds a 40-percent stake in the Berau block, Kanematsu 12
\npercent, Occidental Petroleum Co 22.86 percent and Nippon Oil
\n17.14 percent.<\/p>\n
Arco is searching throughout Asia for potential new
\nexploration and production deals. Apart from Irian Jaya, its
\nmajor Asian investment is the would be the Yacheng 13-1 natural
\ngas project in China which produces 3.4 billion cubic metres of
\ngas.<\/p>\n
But ARCO also has a 20-percent interest in the 135,000
\nbarrels-per-day Zhenhai Refining and Chemical Co [1128.HK], one
\nof the largest refineries in China.<\/p>\n
Truitt said Arco was exploring further investments in Asia,
\nboth upstream and downstream, but he declined to give any
\ndetails.<\/p>\n
\"We are looking basically everywhere in Asia. We have
\nconfidence in the growth and the resources are here to develop,\"
\nTruitt said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/arco-appraisal-almost-finished-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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