Novus, Lapindo to drill another well in Brantas PSC
Wednesday, March 19 2003 - 02:06 AM WIB
Australian oil and gas company Novus Petroleum NL and its Indonesian partner Lapindo Brantas plan to drill another gas well, named Ketingan-I, at the Brantas production sharing contract (PSC), in East Java in the fourth quarter of the year.
Novus?s CEO Bob Williams said in an interview with CorporateFile.Com that the joint venture had estimated the well, located in the Wunut field, contain a gross gas reserve of around 40-60 billion cubic feet.
Brantas now produces an average 40 MMCFD of gas at Brantas.
In the interview, Williams also said Novus had targeted gas sales from Brantas at an average 35 MMCFD this year, lower than the current production rate, while Lapindo, the operator of the block, had targeted 50 MMCFD.
?We do not want to create an expectation that we?re unable to deliver,? Williams said.
Novus and Lapindo have equal stake in the block. (robert)