TGS-NOPEC starts additional 2D survey in Makassar Straits

TGS-NOPEC Geophysical Company on late Wednesday announced the commencement of Circum Makassar (CM-02), a new 4,200-kilometer non-exclusive 2D seismic program in the Makassar Straits.

NOPEC said the survey is a joint venture between TGS-NOPEC and WesternGeco and is being undertaken in cooperation with the Indonesian Directorate General of Oil and Gas (MIGAS).

The Mahakam Delta contains 2.5 billion barrels of oil and over 30 trillion cubic feet (TCF) of gas. Despite its importance as a major oil and gas province, relatively little is known of the petroleum geology of the basin outside the Mahakam Delta.

NOPEC said this new program is designed to infill and complement the Circum Makassar 2001 (CM-01) program, the processing of which was completed in late August 2002.

Both Circum Makassar programs (CM-01 and CM-02) are being prepared for a licensing round scheduled by MIGAS for late 2003, NOPEC added. (robert)