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March 26, 2008

INDONESIA/ENERGY
Elnusa to develop giant oil reserve

Indonesian oil deposit drilling contractor PT Elnusa will develop a giant oil and gas reserve off the northeastern coat of the Simeulu island in Aceh, a report in Investor Daily said.

The block is estimated to have a reserve of 320.7 billion barrels of crude oil exceeding the reserve of the Cepu Block in East Java jointly operated by its parent company PT Pertamina and ExxonMobil.

Elnusa will seek foreign partners to develop the reserve as it will need huge investment, the newspaper said quoting an unnamed market source.


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