Novus' Indonesia oilfields

Novus' Indonesia oilfields

SYDNEY (Reuter): Australian oil and gas company Novus Petroleum said yesterday that two new oil fields have been brought on production at the Kakap Block offshore Indonesia.

The KG 5A field commenced production on May 23 at more than 8,500 barrels per day (bpd) while KRN came on line on May 20 at more than 7,300 bpd, Novus said.

"The commencement of production from KG5 and KRN brings to four the number of new fields which have come on stream in the Kakap PSC this year," Novus said in a statement.

The fields were discovered in 1995.

Novus also said the Ketam-1 well in the Kakap Block spudded on May 20.

Novus Petroleum holds a 25 percent interest in the Kakap PSC (Production Sharing Contract).

The other participants are Clyde Petroleum Plc 31.25 pct, Premier Oil Plc 18.75 pct, Louisiana Land and Exploration Co 15 pct and the Indonesian state oil company Pertamina 10 pct.