Matrix Oil to commence production in Langsa TAC this year
Monday, April 30 2001 - 07:30 AM WIB
Perth, Australia based oil and gas explorer Matrix Oil NL said Monday it expected its Langsa Offshore Technical Assistance Contract (TAC) in northern part of Sumatra to commence commercial production in November 2001.
The company said in a report the production was planned at initial rate of up to 10,000 barrel of oil per day using a floating production, storage and offloading (FPSO) facility.
The company estimates the proven and probable reserves on the Langsa TAC fields at 33.5 million barrels of oil.
During the quarter, said the report, the Company finalized agreements for a US$24.5 million finance package to fund the development of the Langsa TAC and the leasing of production facilities.
Matrix oil earlier awarded the contract to Mitsui Group and Itochu of Japan to build the FPSO and for the installation of sub-sea systems.
Beside Langsa TAC, Matrix also operates Asahan production sharing contract (PSC) and Glagah Kambuna TAC where it holds 75 percent and 90 percent of working interest, respectively.
Both areas are located in North Sumatra Basin.(alex)