Pertamina to begin exploration in Libya late 2006

Oct 11, 2005 02:00 AM

Indonesia's state-owned oil and gas firm Pertamina plans to start oil exploration in Libya in late2006 with estimated cost of $ 3.6 bn, an executive said.
Pertamina, which has won two oil blocks in Libya through a bidding process earlier this month, will run the Sirt Block with estimated oil reserves of 300 mm to 400 mm barrels and the Sabrata Block which has oil reserves of 690 mm barrels, said the company's president Widya Purnama.

The exploration cost is estimated at $ 1.6 bn for the Sirt Block and 2 bn for the Sabrata Block, he said.

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