Exspan to exploit oil, gas in S. Sumatra?s Lahat regency

Oil and gas producer PT Exspan Nusantara has planned to exploit natural gas in Kikim disrict in South Sumatra?s Lahat regency, local daily Sumatra Express reported Thursday.

Expan?s geologist Chairul Syafri said Kikim had an estimated 102 million cubic feet of gas and 14 million barrels of oil.

Chairul however cold not estimate total amounts of funds his company would invest to exploit oil and gas in Kikim. ?I can only say that drilling 3,000 feet will cost around US$500,000,? he said.

Chairul said Exspan would clear around five hectares of land for the first phase of its project in Kikim.

Exspan, a subsidiary of publicly listed oil firm PT Medco Energi International, has oil explorations in South Sumatra. (*)