Indonesian oil explorer invites Filipino firms for Kalimantan project<\/p>\n
MANILA (AFP): Petrocorp Exploration Indonesia Ltd. is inviting
\nFilipino firms to take part in an exploration project in the
\nKarang Besar area off east Kalimantan, an official of one of the
\nlocal companies said yesterday.<\/p>\n
Walter Brown, general-manager of Palawan Oil and Gas
\nExploration, said his company and about six other Philippine
\nfirms are being asked to participate in the new project.<\/p>\n
Palawan Oil vice president Gregorio Yu told the Securities and
\nExchange Commission (SEC) yesterday that the company is
\nnegotiating for a 30 percent stake in the venture but gave no
\nother details.<\/p>\n
Brown said Petrocorp, a subsidiary of Fletcher Challenge
\nPetroleum of New Zealand, is set to get permission this month for
\nthe project from Pertamina, the state enterprise with exclusive
\nauthority to mine oil and gas in Indonesia.<\/p>\n
Palawan Oil, a publicly listed firm, was part of a consortium
\nthat drilled the Maratua area in Indonesia early last month, but
\nabandoned the project after discovering that the Tanjung Batu-1
\noil well was dry.<\/p>\n
Meanwhile, oil explorer Philodrill Corp. reported to the SEC
\nyesterday a 98 percent drop in net income to only 612,000 pesos
\n(US$22,000) during the first quarter of 1994.<\/p>\n
Company officials attributed the decline to rising cost of
\noperations in the West Linapacan offshore production site in
\nPalawan province which has been reduced by water seepage.<\/p>\n
Philodrill has a four percent stake in a consortium drilling
\nthe West Linapacan site.<\/p>\n
Total revenues during the first three months of 1994 also
\ntumbled 70 percent to 15.68 million pesos, Philodrill said in
\npapers submitted to the Securities and Exchange Commission, the
\ngovernment's corporate watchdog.<\/p>\n
Operating costs and expenses totaled 15.07 million pesos, the
\ncompany said.<\/p>\n
Another oil firm Trans-Asia Oil and Mineral Development Corp.
\nreported a 60 percent increase in profits to 12.4 million pesos
\nin 1993, while total revenues climbed 20 percent to 21.2 million
\npesos during the same period.<\/p>\n
No first quarter figures were released.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/indonesian-oil-explorer-invites-filipino-firms-for-kalimantan-project-1447899208", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }