RIMS, Petronas to jointly operate Karapan<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
RIMS Energy Karapan Ltd (REKL) has transferred a 50 percent
\nworking interest in the Karapan exploration block offshore East
\nJava to Petronas Carigali Overseas Sdn Bhd (PCOSB), a subsidiary
\nof Malaysia's state oil and gas firm Petronas.<\/p>\n
Both firms will jointly operate the block through a newly-
\nformed, equally-owned joint operating company pending the
\napproval of the Directorate General of Oil and Gas, better known
\nin the industry as Migas, and state oil and gas company
\nPertamina.<\/p>\n
The Karapan block covers an area of 2,839 square kilometers
\nand is located adjacent to the Ketapang block, also offshore East
\nJava, where significant oil and gas has recently been discovered.
\nIt also possesses the same geological features as the Ketapan
\nblock, where PCOSB has a 50 percent working interest.<\/p>\n
\"We expect to commercialize the block before 2004 and aim to
\nbecome a significant oil and gas producer in East Java by 2005,\"
\nDixie Bastian, REKL president and CEO, said in a statement.<\/p>\n
\"Any economic gas discovery in Karapan would only be easily
\ndeveloped and absorbed by the growing market in East Java,\" he
\nadded.<\/p>\n
According to Dixie, the joint operating company has identified
\nnine drillable prospects in Karapan with recoverable potential of
\n680 million barrels of oil and 2.5 trillion cubic feet of gas
\nwith a 50 percent success profitability.<\/p>\n
The joint venture plans to drill three exploration wells in
\nKarapan beginning June 2002, and at least one well in 2003.<\/p>\n
The productivity of the Karapan block has been proven by
\nformer operator Cities Service, which drilled the JS 14 A-1 well
\nin 1976. The well produced 520 barrels of oil per day and 25
\nmillion standard cubic feet per day of gas.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rims-petronas-to-jointly-operate-karapan-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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