RI, Malaysia, Vietnam to explore oil in Serawak<\/p>\n
Dow Jones, Jakarta<\/p>\n
Three state-owned companies from Indonesia, Malaysia and
\nVietnam will start exploring for oil and gas in Serawak early
\nnext year, an official said Thursday.<\/p>\n
Pertamina, Malaysia's Petronas and Vietnam Oil & Gas Corp.,
\nor PetroVietnam, will start looking for oil and gas in the
\nMalaysian territory in March, said Pertamina President Director
\nAriffi Nawawi.<\/p>\n
The venture is part of a \"three-partite cooperation\" among
\nstate-owned oil and gas companies from Indonesia, Malaysia, and
\nVietnam, he told the parliament in a hearing.<\/p>\n
In February, the three companies embarked on oil and gas
\nexploration in Vietnam.<\/p>\n
Ariffi said Pertamina is offering a block in East Java for
\nexploration and the other two partners are assessing the block.<\/p>\n
Under the joint operation, the host company will hold a 40
\npercent stake in an oil and gas block, and its partners equally
\nsplit the remaining 60 percent, Ariffi added.<\/p>\n
Meanwhile, Pertamina said Thursday its average crude oil
\nproduction rose slightly to 117,120 barrels per day (bpd) in the
\nJanuary-September period.<\/p>\n
The company didn't provide a comparative figure from the same
\nperiod last year, but said its crude production in 2002 averaged
\n100,250 bpd.<\/p>\n
The increase is due to the 3,000 bpd contribution from its
\nZamrud field in central Sumatra, which started production earlier
\nthis year, and an increase in daily output from a field in West
\nJava to 24,000 bpd from 14,000 bpd, Ariffi said.<\/p>\n
Pertamina is the second largest crude oil producer in
\nIndonesia after PT Caltex Pacific Indonesia, which produces
\n513,160 bpd from its blocks in Sumatra's Riau province.<\/p>\n
Indonesia is the only South East Asian member of the
\nOrganization of Petroleum Exporting Countries, or OPEC. The
\ncountry's total crude production stands around 1.1 million bpd,
\nbelow its OPEC quota of 1.27 million bpd.<\/p>",
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"sponsor": "Okusi Associates",
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