|Tuesday, October 26, 1999
Conoco Inc. announced "significant" oil and gas discovery in Block B of the South Natuna Sea, offshore Indonesia. An exploration well tested at a combined rate of 38 million cubic feet of gas per day and 2,480 barrels of oil per day. Conoco is the operator for South Natuna Sea Block B, with a 40 percent stake. Indonesia Petroleum Ltd. and Texaco Inc. have stakes of 35 and 25 percent respectively. The North Belut No. 3 exploration well was the fifth to be drilled in Conoco's 10-well 1999 drilling program in Block B. Initial studies indicate that new natural gas found this year will more than double gas reserves in the block. Gas from the latest discovery will be made available for a separate sale over and above that sold last year as part of the West Natuna Group's 22-year sale contract to Singapore. The initial sale of natural gas from Block B to Singapore is scheduled to begin in 2001 and represents Indonesia's first-ever pipeline export of natural gas.