Apexindo operates one more oil rig in Kalimantan

PT Apexindo Pratama Duta Tbk, publicly listed oil exploration company, is slated to officially operate a new oil rig off Delta Mahakam, East Kalimantan as part of its contract to handle oil and gas exploration activities in the area with TotalFinaElf Indonesia, Kompas daily reported on Saturday.

Speaking at a press conference in Singapore on Friday, the president director of Apexindo Hertriono Kartowisastro said the new rig, Raissa was built by Singapore?s company FELS Limited at total cost of about US$50 million.

According to him, the new rig was constructed as part of the oil and gas exploration contracts signed with TotalFinaElf Indonesia. With the completion of the new rig, Apexindo has now operated a total of 15 rigs in Indonesia both for offshore and on-land exploration activities.

Seven of them including Yani, Raissa and Misera are located in Kalimantan, four in Java, four in Sumatera and the other two in the United States and the Middle East.

The company said earlier that it expected to spend about Rp 342 billion this year to finance exploration works and the construction of new offshore rigs. Part of the funds or about US$73.25 million will be provided by Fortis Bank of Singapore.

The loans would also be used to partly finance the construction of three new rigs (Raisa, Maera and Yani) which will cost the company about US$114 million. The additional funds will be in the form of internal funds of about US$12.5 million, equity of US$13 million, insurance funds of US$15 million, and bank loans of about US$73.25 million. (*)