Medco to explore oil on Madura Island
Monday, June 12 2000 - 04:30 AM WIB
Oil and gas company PT Medco Energy International will explore oil in several areas on the Madura Island, according to company director Hilmi Panigoro.
Hilmi said that the Medco was ready to spend US$2.1 million to explore an area with a size of 2,729 km2.
He said that the oil reserves in Madura was estimated to reach 100 million barrel of oil, and gas reserves at 240 billion cubic feet.
"The exploration period will be for a year," he was quoted by the Mandiri.com online. (*)