Straits Asia Resources Makes Move to Oil & Gas Sector

Straits Asia Resources Limited has decided to enter into the oil and gas sector, and has appointed of Dr. Rizal Ramli the former Coordinating Minister for Finance & Economy in Indonesia, as Chief Executive of its new oil and gas subsidiary.

It is expected that Dr. Ramli, who has had a long and close association with Straits Asia s Chief Executive Officer, David Toms, and Chief Operating Officer, Richard Ong, will accept a position on the Board of Straits Asia itself.

Mr. Toms stated that Dr. Ramli's highly successful current and past proven track record in government-related enterprises gave him every confidence that Dr. Ramli would bring the same measures of success to Straits Asia s corporate ventures.

Mr. Toms also stated that Straits Asia s subsidiary PT Indo Straits has been a major player in the oil and gas support industry throughout Indonesia over the last 30 years and that Straits Asia Resources entrance into this endeavor is therefore not only synergistic but also one of natural commercial progression given Straits Asia s strong focus on energy-related projects.

The technical management team will be led by Marcel Duiveman, who has recently joined Straits Asia Group whose previous employment was with the Total SA Group, during which he was responsible for rejuvenation of the mature and giant Handil oilfield in East Kalimantan, Indonesia, his initiative led this field s revival resulting in a doubling of production to 25,000 BOPD. Mr. Duiveman who spent 10 years at Total SA in various positions worldwide and holds an MSc in Mining and Petroleum Engineering from Delft University of Technology.

The focus of Straits Asia s new business will be on brownfield projects where existing or previous production is enhanced by the introduction of the latest high technology and know-how engineered by our team of oilfield professionals.

Our commercial strategy is to identify and develop fields that are past or present oil or gas producers and by redeveloping such fields, the risk profile is significantly reduced and investments can be more accurately judged and controlled.

Straits Asia Group expects to tender on these oil and gas enhancement recovery projects in Indonesia by mid-2007 and to review opportunities in other Asian countries including Vietnam, Myanmar and Papua New Guinea.

Company: Straits Asia Resources Limited more info
 - Straits Asia Resources Makes Move to Oil & Gas Sector (May 08)