Petcon Borneo starts drilling Palangkaraya Block
Thursday, April 11 2013 - 02:18 PM WIB
The company said in a press statement on Thursday that the exploration plan will cover a total area of 7,612 Km.
?For this exploration, Petcon has prepared a fund of US$ 60 million for the next six years,? Petcon Resource Vice President Exploration, Hening Sugianto, said in Palangkaraya on Thursday.
He said that of the total fund, about US$ 20 million will be spent for the first three year, and US$ 40 million for the second three years. The activities during the first three years will include geological and geophysical surveys. Then followed by well drillings.
?We hope to discover new economical reserve of oil and gas in the next 10 years of exploration, and the next 20 years of production according to our contract,? he said.
Editing by Benget Besalicto Tnb.