Kuwait to invest $1.5 billion on Seram, Natuna oil explorations
Saturday, September 14 2002 - 03:28 PM WIB
Kuwait will put US$1.5 billion in oil explorations in Maluku and Natuna islands, Kuwaiti Ambassador to Indonesia Jamal Al Nesafi said on Friday as reported by Antara news agency.
Kuwait through its Kuwait Foreign Petroleum Exploration Company (Kufpec) is the operator of the Seram Block in Maluku. It has 97.5 percent working interest in the Block, while its joint venture partner, Kalrez Energy Ltd, holds the remaining 2.5 percent.
Kufpec is presently reported preparing the commencement of crude sale from Seram?s Oseil field in mid November 2002, while in the same time constructing the Main Production Facility for the future shipment.
In Natuna, Kufpec has 33,34 percent participant interest in Natuna Sea Block "A". The Block is operated and 66.66 percent owned by Premier Oil plc. (robert)