Grandway a step closer to setting up Indonesian oil well management firm

By Romel S. Gurky

Grandway Group Limited announced it has received the endorsement from Ministry of Law and Human Rights on the establishment of PT Basic Energi Solusi, its investment arm to be based in Jakarta.

Grandway Group Limited is the joint venture company of Philippines-based firm Basic Energy Corporation and Petrosolve Sdn Bhd of Malaysia.

Basic Energi Solusi will be the investment arm of the joint venture in the various business opportunities in Indonesia, a statement said on Wednesday.

As approved by the Investment Coordinating Board (BKPM), it is authorized to provide consultancy, management and supervision services in the management of oil wells.

It shall undertake certain aspects of the operations of oil wells, within the regulatory and social frameworks applicable in the identified oil field areas in Indonesia, using modern and chemical enhanced oil recovery technology to unlock oil resources and thereby increase oil production of these oil wells.

Editing by Dadan Wijaksana