Singaporean firm eyeing Indonesian oil fields

Singaporean company Interra Resources is eyeing to acquire a company whose subsidiaries owns the rights to develop two oil fields in Indonesia, the company said Monday.

The company said in a statement the current production of the two oil fields is in excess of 5000 barrels of oil per day.

?The bid which was tendered on 19 July 2004 is subject to the parties entering into a formal contract. Given the sensitivity of the bid, the company shall make a further announcement if the bid is accepted,? the company said. (alex)