Apexindo wins Iran?s $50 million exploration project

JSX-listed drilling firm PT Apexindo Pratama Duta Tbk has won a contract worth US$50 million to carry out an offshore exploration in South Pars, Iran for Norway's STATOIL, Kompas daily reported on Tuesday. Apexindo is a subsidiary of JSX-listed oil and gas company Medco Energi International Tbk.

The three-year contract was signed by Apexindo?s president director Hertriono Kartowisastro in the Iranian capital of Tehran on Monday. Drilling is expected to commence end of the year.

Hetriono said that the company, under the contract, would carry out exploration activities on 12 wells, with an option of up to 20 wells in the South Pars offshore oil block. ?We will use the Rani Woro jack-up rig, an oil exploration ship, to carry the exploration works that would be started by the end of this year,? he added.

The Rani Woro jack-up rig, which has been operated by the company the company since 1995, has shown a high utility rate. The offshore rig was for the first time operated to carry out a four year-exploration contract awarded by Total Indonesie in East Kalimantan. The rig is currently conducting TotalFinaElf?s oil exploration project in Al Bukoosh, United Arab Emirates (UAE).

Besides conducting oil and gas exploration, PT Apexindo has also been engaged in geothermal exploration in Indonesia since 1998. (*)