RI must expand LNG market: Unocal executive
Wednesday, September 10 2003 - 02:14 AM WIB
Indonesia will further lose market share in the liquefied natural gas (LNG) market unless it work hard to find new contracts, president of oil and gas firm Unocal Indonesia Company Brian Marcotte said.
"The thought here is that Indonesia will lose market share in the LNG market. That is not good for Unocal and that is not good for the government of Indonesia," Marcotte told reporters on Tuesday.
"My opinion is that a combination of producers and BP Migas, (and the) government of Indonesia, need to push very hard to get as many new contracts as possible."
BP Migas is the Indonesian government's oil and gas watchdog.
The U.S.-based Unocal has huge potential natural gas resources in its operations areas in the Makassar Straits.
"We believe there will be around eight to 12 trillion cubic feet of resources potential on the gas side," Marcotte said.
Marcotte said Unocal was ready to tap natural gas from its new reserves areas, depending on market opportunity.
According to Unocal, its new West Seno field would produce 150 mcfd, or 4.2 million cubic meters a day, of gas by the end of 2005. It expects to recover 210 million to 320 million barrels of oil equivalent from the field.
West Seno also produces around 14,000 barrels per day of oil. In Indonesia, Unocal is also developing the Ranggas and Merah Besar oil and gas prospects. (*)