Medco, Mitsui to spend $25 million on Langsa oilfield
Friday, March 19 2004 - 02:47 AM WIB
JSX-listed oil company Medco Energi International Tbk and its 50:50 joint venture partner in Langsa TAC, Mitsui oil Exploration Co. (Moeco) will spend US$25.5 million in capital and operating expenditures this year to bring the offshore North Sumatra oil block back into production, a Medco official said.
In a report to the Jakarta Stock Exchange Thursday, CFO Sugiharto said that the expenditure included re-entry vertical and horizontal drillings and FPSO rental. Langsa TAC is expected to produce 1.1 million barrels of oil and condensate this year.
The joint venture acquired Langsa TAC from Mitsui-affiliated company MODEC Production (Langsa) Pte. last year for US$ 10.(alex)