Exspan says C. Sulawesi field to flow first oil in 2003
Tuesday, August 27 2002 - 09:31 AM WIB
"In the initial stage, we planned to produce 6500 barrels per day," Exspan official Tri Siwindono told national news agency Antara.
"Four of the 10 oilfields planned to be developed in the Tiaka area will soon start production," he said, adding that the wells would be drilled to depths of up to 2300 meters. Each well is expected to cost the Exspan-Pertamina joint operating body (JOB) $4 million.
The leased production facilities will add another $3 million annually to the development cost, Siwindono revealed.
Total investments required for the first phase of the Tiaka fields development is expected to reach around $30 million. Oil in place is put at between 11 million and 33 million barrels, he added.
Tiaka is located within Senoro-Toili JOB area, some 11 miles offshore the Dataran Toili coast of Central Sulawesi, where huge gas reserve had also been discovered
The oilfield was first discovered in 1980 by United Texas Petroleum (before its acquisition by BP) but the lack of other prospects on the block led to it being relinquished.
The Indonesian government in the late 1990s appointed Pertamina and Arco to operate the JOB and Exspan subsequently acquired Arco?s interest.(*)