Global Crisis to Affect Oil Exploration in 2009
Wednesday, 08 October, 2008 | 14:08 WIB
TEMPO Interactive, Jakarta: The global finance crisis will affect oil and gas exploration in Indonesia in 2009.
“The crisis will make oil companies increase their loan for exploration,” said deputy of Oil & Gas Upstream Executing Body (BP Migas) Abdul Muin yesterday (7/10).
He explained that oil demand will decrease while many companies were involved in exploration.
“The oil market is uncertain,” said Muin.
The crisis has also affected the world oil price of light sweet crude.
This reached US$87.81 per barrel in trading last night at the New York Mercantile Exchange.
Muin said the situation would trigger oil companies to re-study the value of their projects apart from companies with larger funds.
“For a while, this will only affect oil companies with limited budgets,” he said.
It is possible oil companies with limited budgets will stop or delay their projected exploration.
“They can sell their assets or consolidate or allow let themselves to be acquired by larger companies,” said Muin.
He confirmed that the state oil company, Pertamina, could still afford to fund its projects.
“It only decrease upstream activities,” said Muin.
SORTA TOBING
TEMPO Interactive, Jakarta: The global finance crisis will affect oil and gas exploration in Indonesia in 2009.
“The crisis will make oil companies increase their loan for exploration,” said deputy of Oil & Gas Upstream Executing Body (BP Migas) Abdul Muin yesterday (7/10).
He explained that oil demand will decrease while many companies were involved in exploration.
“The oil market is uncertain,” said Muin.
The crisis has also affected the world oil price of light sweet crude.
This reached US$87.81 per barrel in trading last night at the New York Mercantile Exchange.
Muin said the situation would trigger oil companies to re-study the value of their projects apart from companies with larger funds.
“For a while, this will only affect oil companies with limited budgets,” he said.
It is possible oil companies with limited budgets will stop or delay their projected exploration.
“They can sell their assets or consolidate or allow let themselves to be acquired by larger companies,” said Muin.
He confirmed that the state oil company, Pertamina, could still afford to fund its projects.
“It only decrease upstream activities,” said Muin.
SORTA TOBING