CNOOC buys Widuri field: Report
Monday, January 14 2002 - 06:10 AM WIB
China?s state oil and gas company CNOOC has bought the Widuri field off the northern coast of West Java for US$600 million, according to a report on Monday.
?The deal has just been completed,? Dow Jones quoted a a source as saying.
He said CNOOC will have a controlling stake in the field, which was discovered in in 1988.
The field is part of the Southeast Sumatra production sharing contract (PSC) block operated Spanish-Argentinean firm Repsol-YPF. It now produces about 100,000 barrels of oil per day, acccording to the report.
Spokesman for state oil and gas company Pertamina?s production sharing management Sidick A. Nitikusuma said he had not yet been informed about the deal.
?I know that CNOOC has long intended to buy the field, but I don?t know if there has been a deal,? he said. (Godang)