Borets enter RI?s oil, gas services market

Russia?s largest oil and gas services company Borets Company LLC is entering the Indonesian market, teaming up with local firm PT Petrosa Global Energy, to develop aging oil fields, Bisnis Indonesia reported on Wednesday.

Its first project in Indonesia will be to develop the Duri oil field in Riau, owned by PT Chevron Pacific Indonesia.

Alexander Filippov, Executive Vice-President Services at Borets, said his company was ready to be engaged in the optimization of the aging oil field in Riau together with Schlumberger and Baker Hughes from the US.

?It is scheduled that we?ll sign the contract with Chevron on July 2 in Rumbai, Riau. The initial investment is around US$4.7 million with local content commitment of 70 percent. We hope this will be a good start for our project in Indonesia,? he told Bisnis Indonesia in Moskow late on Monday.

According to Rosa Richir, CEO of PT Petrosa Global Energy, Borets obtains a contract to develop 300 well spots in Duri, Riau, using electric submersible pump. The project is scheduled to begin on January 1, 2013.

Rosa expects the cooperation with Borets would help revive oil production potential in aging oil fields, a move that should help increase the country?s oil lifting, which is in line with the government?s broader policy.(*)