KS Energy bullish on Indonesia

 

Singapore: Pertamina’s drilling unit on Monday launched a re-fitted jackup rig with its Singapore-listed partner, KS Energy, at Keppel FELS shipyard.

Named KS Java Star, the rig will be deployed to Indonesia's West Madura oilfield, located off the coast of Java. 

The rig is KS Energy's first venture into offshore oil production in Indonesia, and it is hoping for more.

In a statement, KS Energy said it sees large potential in Indonesia's oil and gas market due to its abundant exploration and drilling opportunities.

Kris Wiluan, chairman and CEO of KS Energy, said: "Pertamina Indonesia has to ramp up their production. Next year, they want to achieve about one million barrels a day. 

"(There is a) shortage of rigs at the moment. Pertamina requires at least, for next year, another four rigs. And we hope to be able to participate in their requirement."

In a statement, KS Energy said the total value of the one-year contract, plus a one-year option, is S$109m.

Pertamina currently produces about 800,000 barrels a day.  [30/10/12]

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