INPEX to invest $4 billion in Indonesia gas field http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyID=2006-10-18T002307Z_01_T25986_RTRIDST_0_BUSINESSPRO-ENERGY-JAPAN-INPEX-DC.XML&from=business
Tue Oct 17, 2006
TOKYO (Reuters) - Japan's INPEX Holdings Inc. (1605.T: Quote, NEWS, Research) plans to invest 500 billion yen ($4.22 billion) to develop an Indonesian gas field capable of producing 3 million tonnes of liquefied natural gas a year, Japanese business daily Nihon Keizai reported on Wednesday.
The newspaper said test drilling will start next year to confirm the reserves, with production to begin in 2015.
The Japanese energy developer currently has a 100 percent stake in the project to develop the eastern Indonesian field, which is located in the Timor sea.
It will submit a production plan to the Indonesian government in 2008 for approval and ask other major international oil companies to participate in the project to diversify risk, the paper said. ($1=118.43 Yen)
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