Kodeco strikes oil in E. Java: Report
Saturday, February 23 2002 - 04:25 AM WIB
Korean oil firm Kodeco Energy Co. Ltd is reported to have significant oil find is offshore West Madura Block production sharing contract (PSC) area, according to a report filed by IHS energy group.
The report said that 2,200 barrels of oil per day was flowed after the wildcat well KE 30-1 was drilled. IHS said the discovery was made during the fourth quarter of 2001.
None of Kideco or Pertamina official could be contacted for confirmation.
West Madura Block PSC was operated by Kideco, which has 25 percent working interest. YPF Indonesia, which is just recently being acquired by CNOOC, holds another 25 percent interest in the block, while state owned oil and gas firm Pertamina holds 50 percent. (alex)