Downfall of Saddam will not affect interest in RI?s oil fields

The downfall of Iraqi President Saddam Hussein would not affect the interest of foreign investors on Indonesian oil and gas fields although the successful rate of the oil and gas exploration in Iraq is till relatively better than in Indonesia, Kompas daily reported on Tuesday.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Iin Arifin Tahyan said in Jakarta on Monday that an oil company would not put all their investment in Iraqi oil fields although their successful rate in the country would be higher than those made in Indonesia.

"Companies will not put their golden eggs in the same parcel," he said when he asked if the downfall of the Saddam regime would divert investors? interest in Indonesian oil fields. According to him, although the success rate in oil exploration in Iraq is better, the average 24 percent successful rate booked in Indonesia is still quite promising.

The Indonesian government is currently offering 11 oil blocks to investors but Iin said that the interest of the investors in such oil fields could not yet be detected because many prospective investors had yet to submit their bids until the deadline of the tender on July 31, 2003.

The 11 oil fields which are now being offered to investors include the oil block of Merangin I Onshore and Merangin II Onshore (both in South Sumatra), Rembang Offshore (northern part of Central Java), South Madura Offshore, North East Madura I Offshore, North East Madura II Offshore, East Kangean Offshore, North Bali I Offshore, North Bali II Offshore (East Java) and Tarakan Offshore (East Kalimantan). (*)