Premier finds oil in Natuna
Friday, May 12 2000 - 05:00 AM WIB
Birtish oil and gas exploring company Premier Oil Plc has claimed to have struck an oil field offshore the Southwest Natuna Block 1, the Antara news agency reported on Friday.
"We are happy with this finding after the two previous discoveries on the Natuna waters," Charles Jamieson, one of Premier's executives, said on Thursday. Premier announced last month that it has struck a natural gas field in West Natuna too.
The oil exploration project in Southwest Natuna Block 1 is 50 percent owned by Premier, 30 percent by Gulf Indonesia Resources Ltd and the remaining 20 percent by Dana Petroleum Plc.
Premier Oil set up a strategic alliance last November with Malaysian oil company Petronas and Amerada Hess Corp. with the aim of strengthening its position in Asia.
Petronas holds 25 percent of the alliance's stake, while Hess gets a new equity to maintain its 25 percent shares ownership. Under the alliance Premier get an additional fund of 136 million poundsterling. (*)