West Seno begins first pumping

West Seno begins first pumping

EL SEGUNDO : Unocal Corporation today said that its Unocal
Makassar, Ltd., subsidiary has begun oil production from Phase 1
of the company's deepwater West Seno project offshore East
Kalimantan, Indonesia.

West Seno is the first deepwater oil and gas project in
Indonesia.

Current production from West Seno is 14,000 barrels of oil per
day (bopd) and 18 million cubic feet (MMSCFD) per day of gas from
the first four wells put on production. The fifth well will be
put on production within a week, and should bring production to
over 17,000 bopd.

Gross production from Phase 1 is expected to reach 35,000 -
40,000 bopd by the end of 2003 as additional wells are completed,
with additional production expected in 2004 as development
drilling continues.

Daily production is expected to peak at 60,000 barrels (8,220
metric tons) of oil and 150 MMSCFD (4.2 million cubic meters) of
gas per day by year-end 2005 with the completion of the Phase 2
development at West Seno.

Unocal Makassar expects to ultimately recover 210 to 320
million barrels (29 to 44 million metric tons) of oil-equivalent
from the West Seno field.--JP

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CorporateBrief-pertamina
Govt oks Pertamina's crude deal
JP/14/pertamina

Govt oks Pertamina's crude deal

SINGAPORE: State-owned oil company Pertamina has obtained
approval from Indonesia's finance minister to proceed with a
crude processing deal with Singapore Petroleum Co. (P.SPC).

The deal is aimed at covering a shortfall in domestic
production when Pertamina's Balongan refinery undergoes
maintenance while reducing its reliance on buying oil products
from the spot market.

Pertamina's acting processing director, Dwi Kushartoyo,
confirmed that Pertamina had received a letter from Indonesia's
Finance Minister Boediono approving the deal.

Under the deal, SPC will process 62,500 barrels a day of Minas
crude and 30,000 bpd of Iranian light crude on behalf of
Pertamina for two months, Dwi said.

Meanwhile, the 125,000 bpd Balongan refinery has started
trimming its operations to prepare for a 70-day turnaround
delayed from Aug. 1, said a Pertamina spokesman.

Pertamina and SPC are still discussing the exact commencement
date of the deal, which has been partially effected, as the
refinery shutdown process started this week.

"But it will likely start in September," said Dwi.--Dow Jones

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CorporateBrief-JSX-Manly
JSX to delist Manly
JP/14/JSX

JSX to delist Manly

JAKARTA: The Jakarta Stock Exchange (JSX) announced on
Thursday that it would delist shares of troubled financial
service company PT Manly Unitama Finance on Sept. 26.

JSX said that the decision was taken due to the firm's
inability to sustain future operations as signaled by the
disclaimer in its 2002 audited financial report.

The bourse also said that Manly had no longer been able to
comply with regulations and standards, such as holding an annual
shareholders meeting, publishing the composition of its
shareholders and holding a public forum on its poor performance.

JSX will allow Manly to resume the trading of its shares on
Aug. 28, after being suspended since May 21, to give the
opportunity to investors to settle their affairs with the
company. -- JP