Santa Fe strikes oil

JAKARTA (JP): Santa Fe Energy Resources of the United States announced here yesterday it had discovered another oil reserve in Jabung Block, part of its 7,000-square-kilometer concession in South Sumatra.

"We're confident that we can exploit the oil field commercially, despite the fact it still needs a further study to find out the amount of the reserve," Santa Fe chief commissioner James L. Payne said.

The company said this was its third oil find in Jabung block. It plans to start drilling the other reserves next year.

Santa Fe and partners, Kerr McGee Sumatra and Amerada-Hess Indonesia, signed a production sharing contract with the state oil and gas company Pertamina in 1993 to explore oil in Jabung block. (bnt)