RI's oil, gas success ratio reaches 51 percent
Saturday, January 27 2001 - 04:30 AM WIB
The state-owned oil and gas company Pertamina said that Indonesia's oil and gas success ratio reached 51 percent in 2000 despite the domestic political uncertainty and economic crisis.
Pertamina director for production sharing management Iin Arifin Takhyan said Friday that the country's oil and gas success ratio was much higher than the world's average success ratio of 10 percent.
"Out of 203 oil wells under exploration last year, 32 wells contained oil and gas, so our success ratio was 51 percent," he told reporters in a press conference recently.
He said that the success ratio in 2000 was not much different to the ratio in 1999 of around 53 percent.
He also said that the success ratio in the exploration of high-risk wildcat oil wells were quite high last year at 44 percent.
Iin said that the high success ratio makes Indonesia to remain as an attractive investment target in the oil and gas sector.
He also said that Pertamina's foreign production sharing contractors remained committed to invest their money in 2001.
"This year the commitment of the production sharing contractors in Indonesia's oil and gas sector totals US$5.3 billion," he said.
He said that last year the commitment was $5.18 billion, but the realized figure was only $4.49 billion. (godang)