By Hao Zhou (chinadaily.com.cn)
Updated: 2007-07-30 16:09

A Chinese national petroleum consortium will invest a total of US$14 billion to explore crude oil and natural gas in Indonesia, according to Waryono Karno, secretary-general of the Indonesian Energy and Mineral Ministry.

China Petroleum and Chemical Corporation (Sinopec), China National Petroleum Corporation (CNPC), China National Offshore Corporation (CNOOC) as well as China National Chemicals Import & Export Corporation (Sinochem) are included in the consortium.

Karno said the consortium has won the bid for the rich coal-bed gas field in Kalimantan Timur, central Indonesia.

Indonesian projected investments in oil and gas amounted to US$27.86 billion in the first half this year, including a recently confirmed US$8.46 billion from South Korea, Karno added.

China, Japan, and South Korea top the Asian countries that cooperate with Indonesia on exploration of petroleum and gas energies, and China has the advantage in liquefied coal technology.