PRESS RELEASE: Conoco awarded the Nila Block PSC in West Natuna Sea
Thursday, December 13 2001 - 02:24 AM WIB
(Jakarta, December 12 2001) The Government of Indonesia has formally awarded the Nila Block PSC located in West Natuna offshore, to Pertamina?s Production Sharing Contractor (PSC) Conoco Nila Ltd. along with its partner Inpex Natuna, Ltd.
The Nila Block is Conoco?s fifth working area in West Natuna. Conoco?s other Natuna Sea working areas are: South Natuna Sea Block B, Tobong Block, Northwest II Natuna Block and Sokang Block.
Nila Block with an area of 5,271 square kilometer, has significant natural gas potential .It is anticipated that the Nila Block will play an important role in the supply of gas to the region which includes Batam, Singapore and Malaysia. .
The3-year work program commitment will include seismic programs and exploration drillings.
Patrick L. Meyer, President and General Manager of Conoco Nila Ltd stated that:
?Conoco is delighted to be awarded the Nila Block as it offers an opportunity for us to apply our technical knowledge while realizing operational and commercial synergy
We expect that Nila Block will show significant gas reserves and commercial viability?
Conoco Nila Ltd. (as operator) holds a 65% participating interest in the Nila Block PSC and Inpex Natuna, Ltd holds a 35 % interest.
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Conoco Nila Ltd, is a wholly owned subsidiary of Conoco Inc., a major global integrated energy company, headquartered Houston, and active in more than 40 countries. Conoco has been active in Indonesia for over 34 years.
Conoco Indonesia Inc. Ltd. is the operator of the West Natuna Transportation System (WNTS), and also operates the South Natuna Sea Block B PSC.
Recently, in June 2001, its parent - Conoco Inc. - achieved another milestone in its 126 year history by successfully completing the tender offer for Gulf Canada Resources Limited, a Calgary-based independent exploration and production company with primary operations in Western Canada, Southeast Asia, and Europe
As a result Conoco Inc. is now a 72-percent shareholder of Gulf Indonesia Resources Limited
On November 18 2001, Conoco and Phillips Petroleum Corporation announced their decision to merge the two companies as a ? merger of equals? subject to shareholder and regulatory approvals.
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For further information:
Santi Manuhutu, Conoco Indonesia Inc. Ltd, Menara Mulia 5th fl, Jl. Jend. Gatot Subroto kav. 9-11, Jakarta 12930, Tel: 62-21-5241732 email: Santi.Manuhutu@conoco.com