Tucan secures OPIC loan for oil well services
Wednesday, February 8 2006 - 01:57 AM WIB
PT Tucan Pumpco Services Indonesia has signed a US$4.5 million loan agreement with Overseas Private Investment Corporation (OPIC) to finance the company?s oil well cementing and stimulation services across the country, The Jakarta Post reported on Wednesday.
OPIC is U.S. government agency promoting U.S. private investment in engineering markets.
?Our experience with challenging well environments in Venezuela will be relevant for many of the Indonesian fields, where we see operators beginning to undertake higher pressure, more acidic and deeper drilling programs,? Francisco J. Gali Jr., president director of PT Tucan, said in a statement.
PT Tucan has already signed its first cementing contract for a project in Sumatra. (*)