Oil projects cost A$90m<\/p>\n
ADELAIDE, Australia (Reuter): Santos Ltd said total
\ndevelopment costs for the Elang and Kakatua oil projects in the
\nTimor Sea, approved for development by its board yesterday, would
\nbe A$90 million, of which Santos' share would be A$19 million.<\/p>\n
Santos said the fields, in the ZOCA 91-12 permit of the Timor
\nSea Zone of Cooperation between Indonesia and Australia, would
\npump 30,000 barrels of oil a day once production started in mid-
\n1998. Santos has a 21.43 percent stake in the project.<\/p>\n
Other partners are Petroz NL with 14.95 percent, operator The
\nBroken Hill Pty Co with 42.42 percent, and Indonesia's Inpex
\nSahul Ltd with 21.21 percent.<\/p>\n
Petroz announced the go-ahead for the project earlier
\nyesterday.<\/p>\n
"Elang\/Kakatua will make a substantial contribution to Santos'
\noil production over its expected short life of 2-3 years," Santos
\nmanaging director Ross Adler said.<\/p>\n
"This will supplement production from existing fields and from
\nthe Stag and SE Gobe oil fields which are also expected to
\ncommence production in 1998," he said.<\/p>\n
Petroz said the fields had total proven and probable reserves
\nof about 17 million barrels of oil.<\/p>",
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