Indonesia expects E&P investment to reach $375 million

10/27/2008
Indonesia expects investments to reach $375 million for the 22 oil and gas blocks it awarded on Oct. 17, according to Evita H. Legowo, director general for oil and gas.Chevron Corp., ConocoPhillips, and Husky Energy Inc., all of which won oil and gas exploration rights for four blocks, have pledged total investment of at least $91.4 million over the next 3 years.Chevron subsidiary Chevron Indonesia Ventures Ltd., which won the rights to explore the West Papua I and West Papua II blocks in West Papua, will invest $24.5 million in each field.ConocoPhillips, which was awarded exploration rights for Arafura Sea block, will need to invest $30 million in the first 3 years. Husky Energy is expec...

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