Indonesia Approved 15 O&G Projects through July; $3.4B Investment

JAKARTA (Dow Jones Newswires), Aug. 25, 2010

Indonesia approved 15 development proposals submitted by oil and gas contractors so far this year as of July, representing total investment commitments of around $3.4 billion, BPMigas Chairman Raden Priyono said Wednesday.

Among the plans the head of Indonesia's upstream oil and gas regulating body specified was Total E&P Indonesie's $1.2 billion development of the Tunu Shallow Phase-2 well in the offshore Mahakam Block.

The unit of the Total will also invest around $782 million in the Peciko Phase 7B well, also in the Mahakam Block, Priyono said.

Meanwhile, Chevron Pacific Indonesia plans to spend $930 million to develop the Sumur Handal 1 in the di Rokan Block onshore Riau and PetroChina International (Bermuda) Ltd. will spend around $397 million to start natural gas production at the offshore North Arar 1 well in West Papua's Kepala Burung Block.

Copyright (c) 2010 Dow Jones & Company, Inc.

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