Monday, February 26, 2007

Koreans on potentially huge Papua Barat oilfield

South Korea's state-run Korean National Oil Corp (KNOC) is seeking to extend its expiring exploration contract on an oil block offshore of Papua Barat province that could be the biggest untapped discovery in Indonesia. Initial estimates indicate the Wokam block has 671 million barrel of oil reserves, Achmad Luthfi, deputy chief of BP-MIGAS, told Reuters. If reserve estimates prove accurate, the block would top the Cepu oil and gas project in East and Central Java, which is estimated to have recoverable reserves of up to 600 million barrels.

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