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Giken Sakata secures 10 year extension for Indonesian Oilfields
Giken Sakata (S) Limited announced that it has secured a 10 year extension for 2 of its Indonesian Oilfields. These are the Trembul and Gabus oil fields. The extension will allow operations until Nov 2020 and Dec 2021 respectively. There is a further option of a 5 year extension beyond this extension. Giken Sakata believes that the deeper oil wells in Trembul and Gabus provide greater potential for oil production. Separately, Giken Sakata is also in the midst of setting up a central oil gathering station for its Dandangilo-Wowocoolo and Tungkul oil fields. This is to meet expectations of growing oil production at these two oil fields. The station will have a capacity of 2,000 barrels of oil.
GET TO THE POINT : The securing of the extension must be due to Giken Sakata’s confidence that there is oil in the two oil fields. As we often say, a Producing Resources company is much more exciting than an Exploring Resources company.
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