PT Indatama to spend US$7 million to develop old oil wells in South Sumatra
Wednesday, November 7 2001 - 03:29 AM WIB
PT Indatama Putera Kayapratama will spend some US$7 million over the next three years to develop five old oil wells in Prabumulih, South Sumatra, the local Sriwijaya Post reported.
The paper quoted Indatama president Ronald Manusama as saying that the oil wells were left behind by the Dutch in the late 1940s.
He was speaking on the sidelines of a signing ceremony of Technical Assistance Contract (TAC) between the company and the state-owned oil and gas firm Pertamina.
He said that Pertamina would only obtain a certain amount of fee if the oil wells could produce, while all investment and expenses would be covered by Indatama.(*)