Cost of developing Aceh gas field rises to US$600 mln: Medco

Jakarta (ANTARA News/Asia Pulse) - PT Medco E&P said the cost of developing the gas reserve in A Block, Naggrie Aceh, is estimated to rise 33.3 per cent from previous forecast of US$450 million to US$600 million.

Medco E&P president Lukman Mahfoedz said Monday the three partners in the venture including Medco as a 41.67 per cent owner, Premier Oil, a 41.666 per cent shareholder and and Japex 16.67 per cent will provide the fund.

The fund will be used to develop the block including construction of facilities and drilling which will start next year until 2010, Lukman said.