The agreement, a Joint Participation in project sourcing and funding, whereas Benchmark has identified and investigated several oil and gas projects within Indonesia and Vital Resources wishes to review and evaluate these projects while prospecting will continue for other opportunities.
Vital Resources Corp. will continue sourcing and reviewing a number of projects in Indonesia as well as Southeast Asia regions, which meet our requirements; onshore, existing production, good potential for further discoveries, politically stable, good infrastructure.
"Indonesia is one of the regions in Southeast Asia where we are considering a number of potentially lucrative opportunities. Indonesia is politically stable; their government needs to increase production, has good quality infrastructure and services, and has huge reserve potentials. We are confident that we will uncover opportunities in Indonesia that meet our interests", said Michael Whitehead, President & CEO, Vital Resources Corp.
Indonesia has had a long oil and gas history, being the birthplace of Royal Dutch/Shell, with its early fields onshore Borneo. Sumatra, however, has the largest onshore oil fields, Duri and Minas, found in the 1940s but not developed until after WW2. In 2000, Indonesia ranked seventeenth among world oil producers, with approximately 1.9 percent of the world's daily production. The GOI places Indonesia's crude oil reserves at 9.6 billion barrels, with proven reserves of 5.1 billion barrels and potential reserves of 4.5 billion barrels (most of which are primarily on-shore. Indonesia produced an average of 1.4 million barrels per day (b/d) in 2000 comprising 1.3 million b/d of crude oil and 141 thousand b/d of condensate in 2000.
The country joined OPEC in 1962 and nationalized its oil industry in 1965 with the creation of the state company, Pertamina. Pertamina entered into production-sharing contracts with foreign companies, a system that has spread worldwide. Indonesia's economy grew by around 3.6%, up from 3.3% in 2005, but below the government's original target of 5%. Indonesia is the worlds leading exporter of LNG, controlling more than a quarter of global market share.
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