Natuna partners to invest $1b

Natuna partners to invest $1b

SINGAPORE (Bloomberg): Contractors working in the Indonesia gas fields in West Natuna plan to invest about US$1 billion in the next three years to build facilities for the delivery of natural gas to Singapore, the Business Times reported Saturday, citing an Indonesian embassy bulletin.

The money will be used to develop gas facilities in the area, for drilling, and the construction of a 640-kilometer gas pipeline from the fields to Singapore.

The three production-sharing contractors involved in the project are Conoco Inc. of the U.S., Premier Oil Natuna Sea, a subsidiary of Britain's Premier Oil Plc, and Canada's Gulf Resources.

Premier Oil, the UK's fifth largest oil exploration company, has said it hopes its Indonesian gas ventures, as well as those in Myanmar and Pakistan will help it guard against swings in oil prices.