Vital Resources Reviewing Additional Prospects in Asia Pacific
Vital Resources is presently pursuing and evaluating additional oil & gas prospects in the prolific Southeast Asia Region.
"We have been evaluating numerous prospects in Southeast Asia. This region has a lot of greatopportunities for Vital, with its political stability, good infrastructure and services supporting the oil & gas industry. We believe we will find economically sound opportunities with strong upside andexisting production. This is a very exciting time for us here at Vital Resources", said Michael Whitehead, President & CEO of Vital Resources.
Southeast Asia's 'Big Seven'; Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam combined produce around 2.8 Million barrels of crude oil per day with their peak production expected in 2011.
Prospects that Vital Resources is presently reviewing are primarily in the regions of Indonesia and Malaysia.
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 world's leading exporter of LNG, controlling more than a quarter of global market share.
Malaysia's reserves include 4.5 billion barrels of crude oil and 89 trillion cubic feet of
natural gas. Its gas reserves, the 12th largest in the world, are expected to last around 60 years
at current rate of production. The country has been using its oil and gas industry to spearhead its
economic expansion and globalization drive.
- LOI for Vital in Sumatra (Oct 12)
- Vital Resources Inks LOI to Acquire Two Indonesian Fields (Oct 04)
- Vital Resources to Acquire Two Fields in Sumatra (Sep 27)