Offshore staff

SINGAPORE -- Straits Asia Resources Ltd. has entered the oil and gas sector. The move into a new area was accompanied by the appointment of Rizal Ramli, former coordinating minister for finance and economy in Indonesia, as chief executive of Straits Asia's new oil and gas subsidiary.

Straits Asia subsidiary PT Indo Straits has been a major player in the oil and gas support industry throughout Indonesia for the last 30 years; so Straits Asia Resources' entrance into this industry is not only synergistic but one of natural commercial progression, says David Toms, COO.

The focus of Straits Asia's new business will be brownfield projects where existing or previous production is enhanced by introducing the latest technology and know-how engineered by the company's team of professionals.

The company's commercial strategy is to identify and to develop fields that are past or present oil or gas producers and to redevelop the fields such that the risk profile is significantly reduced and investments can be more accurately judged and controlled.

Marcel Duiveman, who recently joined Straits Asia Group, will lead the technical management team. Duiveman was previously employed with the Total SA Group, where he was responsible for rejuvenation of the mature Handil oilfield in East Kalimantan, Indonesia. His initiative led this field's revival, resulting in a doubling of production to 25,000 b/d of oil. Duiveman holds an MSc in Mining and Petroleum Engineering from Delft University of Technology.

Straits Asia Group expects to tender on these oil and gas enhancement recovery projects in Indonesia by mid-2007, the company says, and to review opportunities in other Asian countries including Vietnam, Myanmar, and Papua New Guinea.

5/9/2007