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Interesting reading although I think the 10 new blocks aren't close to Fortune's. It's amazing to me that FOGC hasn't been able to further their plans more than they have so far. World oil prices have averaged atleast $3-5 a barrel more than I thought they would over the last 3 years bringing in extra income for Fortune whatever they are producing.



http://biz.yahoo.com/rc/031103/energy_indonesia_exploration_1.html

Indonesia expects to award 10 new blocks next Aug
Monday November 3, 12:24 am ET


JAKARTA, Nov 3 (Reuters) - Indonesia expects to announce the winner of 10 oil and gas exploration areas in August next year following the opening of tender for the blocks last month, a mines and energy ministry official said on Monday.
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Indrayana Chaidir, exploration director at the ministry, said the government had set the bidding deadline for the 10 oil and gas exploration blocks by June 2004.

"The government will evaluate in July... we expect to announce the winner in August" Chaidir told reporters.

Indonesia opened for tender 10 exploration areas in October, including one offshore and onshore block in Lhokseumawe, Aceh, and one offshore and onshore block in Banten, West Java.

Others include three blocks offshore north of East Java, two off shore Rote in East Nusa Tenggara, two offshore blocks in the Moluccas islands and one on shore and off shore Manokwari in Papua.

Indonesia is struggling to boost oil and gas reserves and to increase oil production to secure government revenue.

Chaidir also said the government expects to sign more oil and gas production sharing contracts by the end of November or early December this year after several companies, including ConocoPhillips (NYSE:COP - News) and Malaysia's Genting Bhd (Kuala Lumpur:GENT.KL - News), selected eight blocking areas.

The eight areas are the Salawati block on shore and off shore Papua; Bangkanai block on shore Central and East Kalimantan; Asmat block on shore Papua; Halmahera block on shore and off shore North Moluccas; Palmerah block on shore South Sumatra; Bontang block on shore and off shore East Kalimantan; Biliton block off shore Bangka Belitung (South Sumatra); and Anambas block off shore East Natuna.

Indonesia produced 1.02 million barrels per day (bpd) of crude in October, compared with one million bpd in September.

The country also produced 150,000 bpd of condensate in October, compared with 148,000 bpd in September.

Indonesia, Asia's only OPEC (News - Websites) member, has a quota of 1.270 million bpd from the cartel. Condensate is not included in the OPEC quota.