USD 64.4326

0

EUR 72.6993

0

BRENT 62.05

0

AI-92 42.15

+0.02

AI-95 45.61

+0.02

AI-98 50.67

+0.04

Diesel 46.31

-0.03

576

Indonesian Oil Firm To Operate In Libya

Indonesian state-owned oil company Pertamina plans to start oil exploration in Libya

Indonesian state-owned oil company Pertamina plans to start oil exploration in Libya in 2006 with estimated cost of $3.6 billion, the company said Tuesday.

Pertamina, which has won two oil blocs in Libya through a bidding process earlier this month, will run the Sirt Bloc with estimated oil reserves of 300 million to 400 million barrels and the Sabrata Bloc which has oil reserves of 690 million barrels, said the company's president Widya Purnama.

The exploration cost is estimated at 1.6 billion dollars for the Sirt Bloc and 2 billion for the Sabrata Bloc, he said.