JAKARTA (Indonesia Today) – Statoil and Pertamina are expected to incur huge losses, over US$100 million, in the exploration drilling of Karama block, West Sulawesi.
“Karama block is still in the exploration stage, with one more well to be drilled. The previous drillings failed to discover significant hydrocarbon,” said Widhyawan Prawiraatmadja, deputy planning at BPMigas, to Kontan business paper.
Widhyawan doesn’t provide exact losses from the drillings, but saying the cost of drilling one well in Karama offshore could be tens of millions of USD.
Gde Pradnyana, deputy for operation control at BPMigas, said drilling cost of one well is around US$70-100 million. Statoil and Pertamina have drilled two wells in Karama block, where Statoil holds 51% interest, while Pertamina owns the balance. (Indonesia Today)