Indonesian's Pertamina to bid for oil projects in Egypt
Indonesia’s state owned oil and gas company, Pertamina plans to enter a bid for a tender to operate Egyptian oil fields in the Nile Delta, the Suez and the desert west of Cairo in April, reported the official Antara News Agency.
"The Egyptian government has offered a very attractive bidding price, while on the other hand we see the cost of drilling the oilfields as relatively low, " Pertamina’s upstream director, Iin Arifin Tachyan told Antara. Pertamina has been reviewing the terms and conditions for contracts under a production-sharing scheme, he added.
Recent oil discoveries in Egypt bring the nation’s total crude oil reserves to approximately 144 million barrels. Currently, Egypt continues to be a crude oil exporter, with oil production standing at 794,000 barrels per day (bpd), of which 720,000 bpd is crude oil. National oil consumption is estimates at 573,000 bpd. — (menareport.com)
© 2002 Mena Report (www.menareport.com)