Jakarta (ANTARA News) - The Indonesian unit of French oil and gas firm, Total SA , said on Wednesday it plans to invest $1.5 billion in the Southeast Asian nation's oil and gas sector next year.
Indonesia, Asia Pacific's only OPEC member, has stepped up efforts to lure more foreign investment into the energy sector in a bid to increase the country's dwindling output.
"We will develop existing, as well as, new production, fields," Ananda Idris, Total's spokesman, was quoted by Reuters as telling reporters.
He did not elaborate.
Total said on Oct. 10 it had made two new gas discoveries in the southern part of the offshore Mahakam block, about 45 km (28 miles) from Balikpapan in Indonesia's East Kalimantan province. It expects the field to start producing in 2012.
Total supplies approximately 80 percent of the feed gas for the Bontang liquefaction plant in Indonesia, the world's biggest LNG facility, the firm said on its Web site (www.total.com).
The gas supplied to Bontang comes from the Mahakam block along with the Tambora, Tunu and Peciko gas fields.
Total, which holds 50 percent of the Mahakam block, pumped nearly 2.6 billion cubic feet per day of natural gas from the block in first-half 2007.
Idris said the firm expected to maintain production at a steady level in 2008.
Japan's Inpex also holds a 50 percent share in the block.
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