Wednesday, April 13, 2005

PetroChina to operate Batara Complex next month

Despite its exploration dispute in East Java, PetroChina is about to start commercial operation of its Batara Complex next month which capable to process 60,000 barrels of oil per day.

The new facility, built with US$318 million, is located in Berhala Isle, off-east Sumatra Island near to its oilfields in Jambi. PetroChina is one of key oil producers in Indonesia with 60,000 bpd, four times than when it started in 1997.

PetroChina is one of the most aggressive investors in Indonesian oil and gas sector. PetroChina boosted its share to 45% in Jabung Block, Jambi, which has proven reserves of 267 million barrels of oil equivalent (BOE) in six oil and gas fields. More than 70 percent of those reserves are as yet undeveloped.

Previously, PetroChina paid more than US$200 million to acquire stakes in six Indonesian oil fields from US-based Devon Energy.

Indonesia, one of the largest Asian oil producers, has become a focus of China's diversification away from its heavy reliance on Middle East oil. PetroChina's rival CNOOC, the third largest oil company in China, has paid nearly US$900 million to acquire oil and gas fields in Indonesia.



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