Elnusa secures 11 seismic projects

Fri, 05/16/2008 11:40 AM  |  Business

JAKARTA: Publicly listed upstream oil and gas services company PT Elnusa has secured 11 seismic projects this year as it pursues its sales revenue target of US$75 million (Rp 695 billion), a company official says.

"The 11 projects will account for around 80 percent of our sales revenue target. We are still looking to win a few other projects to gain the remaining 20 percent," Hendri S. Suardi, Elnusa's director of administration and finance, said Thursday.

Among the 11 is a US$36 million supply contract with an oilfield owned by BP Indonesia and M3 Energy in Cilegon.

The projects follow the company's strategy to focus on upstream oil and gas services, which include seismic surveys of oil fields, drilling and oil fields management.

Hendri said Elnusa, a subsidiary of state oil and gas firm PT Pertamina, has prepared loans of around US$90 million through a consortium between Bank BCA, Bank Danamon and Natixis of France to support its projects. --JP/anw

A  |   A  |   A  |    |   |    |    |    |  

Copyright © 2008 The Jakarta Post - PT Bina Media Tenggara. All Rights Reserved.