East Java has Indonesia's 6th largest volume of oil reserves

Jun 29, 2004 02:00 AM

East Java currently has the sixth largest volume of oil reserves in Indonesia and the potential can be increased to the fifth or even second largest if the quality of human resources supports the development of the oil and gas sector, an expert said.
"East Java has the potential of producing 240.4 mm bpd of oil and the volume could be increased to more than 500 mm bpd," president of the Indonesian Geologists' Association (IAGI) Dr Andang Bachtiar said after signing a Memorandum of Understanding (MoU) with the rector of Surabaya's Narotama University Djoko Soemadijo.

Andang said Indonesia had 60 oil producing basins 14 of which were productive, including one in East Java.
"The 14 basins produce 9.7 bn bpd with those in Riau province producing the biggest volume reaching 4.5 bn bpd, and the rest are located in Aceh, West Java, East Kalimantan, Natuna Island, South Sumatra and Papua," he said. Andang said the success ratio of oil exploitation activities was usually 1:10 meaning one in every 10 wells drilled contained oil while the rate in East Java was 1:2. He said the success ratio of oil exploration in East Java was 45 % in 2000, 50 % in 2001, 73 % in 2002 and 71 % in 2003.

In 2002, he further said, East Java managed to extract oil from eight of the 11 wells existing in the province. East Java had oil reserves located in a number of areas including Bojonegoro, Tuban, Ngawi, Gresik, Sumenep and Banyuwangi.
He expressed hope that with human resources of better quality in the oil and gas sector, the wells that had been exploited for the past two to three years would produce oil in the next five to six years.

Source: AsiaPulse via COMTEX
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