DRILLING

Inpex budgets $US88m for Timor Sea wells

JAPANESE oil company Inpex will reportedly spend $US88 million ($A105.6 million) to drill four appraisal wells at its deepwater Masela block in the Timor Sea off Indonesia.

Inpex budgets $US88m for Timor Sea wells

The Jakarta Post quoted Inpex general manager for Jakarta Hirohisa Ota as saying that the appraisal drilling program would verify the gas reserve at Masela and may lead to further investments.

Ota added that the results of the program would determine the kind of development that Inpex would need for Masela.

He also said drilling at the Abadi field had started last week and is expected to be completed within eight months.

Inpex acquired 100% of the development rights on the Masela block in 1998 from Indonesia’s state-owned Pertamina under a production-sharing contract.

The block is located about 800km east of the Indonesian city of Kupang in water depths of more than 2000m.

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