Saturday August 12, 2006

Indonesia halves its Jeruk oil reserves estimate

peakoil.com -> asia.news.yahoo.com :

Oil reserves in Australian oil and gas producer Santos Ltd.'s Jeruk oil discovery in Indonesia may be only half an earlier estimate of 170 million barrels, Indonesian energy watchdog BPMIGAS said. The offshore oilfield in East Java was seen as key to Santos's growth as it seeks to replace depleting reserves from onshore gas fields in Australia's Cooper Basin. It also ranked high in Indonesia's hopes to arrest its declining output and was expected to become one of the country's biggest findings after the Cepu oilfield.

Santos has a 40.5% stake in Jeruk, while other stakeholders include Singapore Petroleum Co Ltd (SPC). Indonesia, Asia-Pacific's only OPEC member, has pushed oil contractors to increase production. Its output continues to fall as it has failed to tap new oilfields fast enough.

- There seems to be an ongoing story arc on oil and gas depletion in Indonesia and Malaysia recently. We may have to be mindful of the implications of this resource depletion on the economic and political stability of these countries.

See also :

1. Indonesia crude oil output falls to 35-year low
2. Indonesia's LNG supremacy wanes as Chevron's fields run short
3. Dwindling oil reserves weigh on Malaysian growth

(2006-08-12 15:15:17 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Fuel prices seen stoking Malaysia inflation in 2008
4. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
5. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
6. 2010 Honda Civic Hybrid preliminary specifications released
7. 2009 Honda Global Small Hybrid details released : bigger than Jazz/Fit, smaller than Civic
8. Singapore : Inflation rate could push past 6% in Q1 2008

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
8. Singapore : Inflation erodes away bank savings