Exspan says unproven oil, gas reserves in Tarakan "quite huge"
Monday, October 23 2000 - 04:00 AM WIB
Area manager of oil and gas firm PT Exspan Nusantara Andi Lolo said that unproven oil and gas reserves in Tarakan, East Kalimantan is "quite huge" amounting to around 100 million barrel and 500 billion cubic feet gas.
"The unproven oil and gas reserves in Tarakan is quite high," Andi said in his report during a meeting with local Tarakan administration, environmental watchdog office Bapedalda, and the Balikpapan office of the state-owned oil and gas company Pertamina. Andi was quoted by the local Kaltim Post daily as saying in his report of the realization of the company's investment plans in 1999 and 2000 and plans for 2001.
He said that in 1999 only one oil well was developed and also only one well for this year.
He said that the plans for next year was to develop two wells.
He also said that next year Exspan Tarakan operation will implement drilling and survey in three exploration wells including in the Mangatal area with a depth reaching 2,200 meter and total investment of around US$1 million, in the Seputi Kanan area with a depth of 800 meter and total investment of $840 thousand, and in the Samara area with a depth of 2,500 meter and total investment of $950 thousand.
"The seismic survey plans in 2001 in the Pamusian and Maburungan as well as in the West Mangatal areas will stretch to 300 km distance and total cost of around $2.84 million," Andi said. (*)