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

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