New gas find off Madura

Korea Development Company Energy (KODECO Energy) and China Offshore Oil Corporation (CNOOC), working in tandem, have discovered a large natural gas reserve west of Madura Island. Should this find be fully exploited to its full potential, it could help ease the gas shortage problem affecting East Java.

However, KODECO Energy chairman Choi Gye Wol was quick to point out how fortunate the two companies were to locate such a mother lode. According to Choi, "It was a surprise find."

A surprise it may be but when the surprise has an estimated value of US$300 million dollars - and has an expected capacity of around 15 million barrels of oil - most people would enjoy having this kind of unexpected fortune.

The discovery was made while drilling the KE 32-1 well of the West Madura offshore block.