JP\/13\/Belanak<\/p>\n
Belanak facility officially inaugurated<\/p>\n
The Jakarta Post\/Jakarta<\/p>\n
President Susilo Bambang Yudhoyono has officially commissioned a
\nnew floating production facility in the South Natuna Sea's
\nBelanak oil and gas field on Friday, from which the country is
\nexpected to reap at least US$7.5 billion in revenue a year.<\/p>\n
Funded by U.S. oil giant ConocoPhillips (COP) at a cost of
\nmore than US$800 million, the field is to start producing next
\nmonth.<\/p>\n
\"Using this Belanak floating production storage and off-
\nloading (FSPO) facility, we hope to boost state revenue, which
\nwould in turn increase the people's welfare,\" Susilo said before
\nofficially signing the project.<\/p>\n
Minister of Energy and Mineral Resources Purnomo Yusgiantoro
\nhas said the country would reap about 85 percent of Belanak's oil
\noutput; initially at 20,000 barrels a day, which would gradually
\nincrease to about 100,000 bpd in one year.<\/p>\n
According to the head of the country's oil and gas regulatory
\nimplementing body (BP Migas), Rachmat Sudibyo, Indonesia would be
\nentitled to a share worth up to $7.5 billion a year.<\/p>\n
\"That was based on the assumption that the crude oil is priced
\nat $35 per barrel,\" Rachmat said.<\/p>\n
In addition to the revenue, Rachmat said, the Belanak field
\nwould also boost the nation's relatively stagnant oil production.<\/p>\n
\"We expect it could help increase our crude oil output to 1
\nmillion barrels a day next year.\"<\/p>\n
By the end of September, the country's oil production stood at
\n966,465 barrel a day of crude.<\/p>\n
The project -- at 300 meters in length and 60 meters in width,
\nor the size of three soccer fields combined -- is currently one
\nof the largest floating production facilities in the world.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jp13belanak-1447899208",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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