Pertamina finds oil in Irian

Pertamina finds oil in Irian

JAKARTA (JP): State owned oil and gas company Pertamina
announced on Thursday that it had discovered an oil and gas
reserve on Salawati Island in Irian Jaya.

"The reserve contains 7 million metric barrels of oil and 17
billion cubic feet of gas," Pertamina said in a statement, adding
that it had concluded drilling at the Salawati O-1 (SLO-1) well
on July 2.

The layer test of the well discharged 583 barrels of oil per
day and 8.5 million cubic feet of gas per day.

Pertamina will continue tests at the SLO-2 well over the next
two months, the statement added.

The cost of drilling amounted to US$2.1 million, 49 percent
lower than the allocated expenditure budget. (05)