Harvest sets to expand Indonesian portfolio

Houston-based E&P firm Harvest Natural Resources Inc is planning to expand its Indonesian portfolio through acquisition of six oil, gas blocks, a company official said on Tuesday.

VP-Eastern Operations Robert Speirs told reporters that the company is currently undertaking two joint study areas onshore Sumatra and Kalimantan, which would eventually lead to the blocks being awarded to the company and the rest would be acquired by farm-in method. He did not disclose the blocks location, but said Harvest aimed to become operator of the blocks.

He expects the acquisition could be completed in the first quarter of next year.

Currently Harvest currently has 47 percent interest in Budong-Budong exploration block, onshore West Sulawesi. The company and its partner plan to drill two exploration wells in the block in 2009. (alex/ bernard)