Conoco, partners to invest US$ 500 million in 2002

US oil, gas firm Conoco Inc. and its partners plan to invest some US$ 500 million in Indonesian in 2002, most of which would be allocated to build two wellhead platforms and floating production, storage and offloading (FPSO) facilities in the Belanak oil and gas project in West Natuna Block B production sharing contract (PSC) area as part of the natural gas sales to Singapore and Malaysia.

The first gas delivery to Singapore started in January this year while delivery to Malaysia will start in August 2002.

Patrick Meyer, Conoco Indonesia?s president told Petromindo.com on the sidelines of a seminar Thursday that the company would also spend some US$ 20 million next year in exploration and appraisal drillings in Block B.

He also said Conoco and its partner in the newly acquired Nila PSC exploration block in West Natuna Sea would conduct 2D and 3D seismic in 2002, and drilling would be start in 2003.

?In three years, we are going to spend $ 17 million on the block,? he said.

Conoco have 65 percent working interest in the block while Japan oil and gas firm Inpex holds the remaining 35 percent.(alex)