Pertamina To Bid for Egyptian Oil Projects

Pertamina plans to enter a bid for a tender to operate Egyptian oil fields in the Nile Delta, the Suez and the desert west of Cairo in April. "The Egyptian government has offered a very attractive bidding price, while on the other hand we see the cost of drilling the oilfields as relatively low, " according to Pertamina's upstream director, Iin Arifin Tachyan. Pertamina has been reviewing the terms and conditions for contracts under a production-sharing scheme, he added.

Recent oil discoveries in Egypt bring the nation's total crude oil reserves to approximately 144 million barrels. Currently, Egypt continues to be a crude oil exporter, with oil production standing at 794,000 barrels per day (bpd), of which 720,000 bpd is crude oil. National oil consumption is estimates at 573,000 bpd.