Djody asks Arifin not to quit Kazakhstan oil field

The chairman of Setdco Petroleum, Setiawan Djody, has asked his partner Arifin Panigoro, the chairman of Medco Group not to sell his interest in the Kazakhstan oil field, which is jointly owned by the two businessmen.

?We will continue with the investment in the oil field, and I think it is not necessary for Medco to sell its share because it (financial) condition is quite liquid,? he said,

The oil field located in Mangistaumunaigaz, Kazakhstan is jointly owned by Central Asia Petroleum Ltd, Medco Central Asia and Setdco Petroleum Ltd. Currently, the oilfield produces about 85,000 barrels per day.

Medco International?s president John Karamoy said earlier that the business group would sell part of the business group?s interest in the Kazakhstan oil field. He said a local company had expressed interest to buy the share.

Earlier Medco and Setdco had said that they would to invest about $2 billion in order to increase the production level to 150,000 bph. (*)