JAKARTA (AFX) - State oil firm PT Pertamina has received 25 proposals for financing the development of the Cepu oil block, the company's finance director Fredrik Siahaan said.
'We will later hold a beauty contest after the plan of development (for the oil block) has been approved,' he told reporters.
'Beauty contest' refers to the evaluation process of various proposals.
Pertamina unit PT Pertamina EP and ExxonMobil unit Mobil Cepu Ltd, as the joint operators of the field, are expected to submit their plan for the block's development to oil and gas upstream regulator BP Migas in the second or third week of this month.
Pertamina EP general manager Estu Bagyo has said earlier that under the development plan, contractors are planning to drill 40 wells, comprising 36 development wells and four exploration wells.
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© 2006 AFX News
