Pertamina Makes Discovery In West Java

Pertamina's first exploration well in the Subang block in West Java has found oil, gas and condensate, a company official said Thursday. The Tunggul Maung exploration well yielded 1,558 barrels per day of oil, 12.2 million cubic feet per day of natural gas and 66.5 barrels per day of condensate. Pertamina plans to follow up the discovery by spudding another well, to determine the reserves. The company has set itself a target of producing an average 55,000 barrels per day of crude and 816 cubic feet per day of natural gas in 2002. Foreign companies, as production sharing contractors of Pertamina, account for over 95% of Indonesia's total crude output of about 1.2 million barrels per day. But Pertamina is looking to increase its own upstream portfolio by acquiring producing assets or buying stakes in proven fields.

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Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
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