TotalFinaElf to invest $1.1 billion in Indonesia in 2003
Tuesday, February 25 2003 - 09:45 AM WIB
Oil and gas contractor TotalFinaElf said it would spend around $1.1 billion in Indonesia this year compared with around $900 million in 2002.
"This is a big investment to maintain natural gas production from the Peciko and Tunu fields," Ananda Idris, TotalFinaElf spokesman, was quoted by Reuters as saying on Tuesday.
The Peciko and Tunu fields are located in East Kalimantan province under the Mahakam block production sharing contract. They produce around a combined 2.4 billion cubic feet per day of gas.
The Mahakam block contract will expire in 2017.
Idris said TotalFinaElf had big reserves of gas in Mahakam but that for more development in that area, the company had asked the government to extend its contract first. (*)