Indonesia halves its Jeruk oil reserves estimate

JAKARTA, Aug 9 (Reuters) – Oil reserves in Australian oil and gas producer Santos Ltd.’s Jeruk oil discovery in Indonesia may be only half an earlier estimate of 170 million barrels, Indonesian energy watchdog BPMIGAS said on Wednesday.

The offshore oilfield in East Java was seen as key to Santos’s growth as it seeks to replace depleting reserves from onshore gas fields in Australia’s Cooper Basin and to grow its uncertain production profile beyond 2007.

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