ELNUSA HANDLES PERTAMINA'S GEOSCIENCE PROJECT WORTH RP626.85 B

Jakarta, May 26 (ANTARA)-- PT. Elnusa Tbk (ELSA), a national company providing integrated oil and gas services, is handling a number of geoscience projects of state oil and gas company PT Pertamina worth Rp626.85 billion.

"Under the project, we are optimistic to earn a projected Rp3.02 trillion by the end of this year," Vice President and Corporate Secretary of Elnusa Agus Gunawan said in Jakarta Sunday.

Some of the geoscience projects handled by Elnusa is the Rengasdengklok-Bekasi block worth Rp 347.55 billion, Karang Makmur-Jambi block Rp 105 billion, Suban Siarak-Sumatera Selatan block Rp 50.4 billion, Randugunting-East Jawa block Rp 67.2 billion, and the Bernai project in South Sumatra worth Rp 55.65 billion.

Proyek concerns working on a 3D-Land Seismic to look for new oil and gas reserves.

The geoscience division of Elnusa provides services of geophysical/seismic data measuring services integrated with the business unit of geodata land acquisition, geodata on marine acquisition, and geodata processing.

This division has wide experience and quality personnel in domestic onshore acquisition for 25 years, and offers integrated seismic services.

From the geoscience segment, Elnusa expected to gain Rp 1.03 trillion in 2009. "The lion's share of the earning came from Pertamina and is a form of synergy of Elnusa with its parent company," Agus said.

Elnusa's successes in winning tender for oil and gas projects especially from Pertamina are one of the key factors contributing to the growth of the company's earnings.

Last year, Elnusa invested Rp 1.05 trillion in renewal of geoscience and drilling equipment.

Up to the first quarter of 2009, geoscience services contributed some 53 percent of earnings of the business unit of Elnusa's upstream oil and gas sector.

As a result, the upstream oil and gas segment contributed an income of Rp 533 billion to the earnings in the first quarter to 2009 or 80 percent of the company's total income of Rp689 billion, while its net profits reached Rp 40 billion.

"Elnusa's strong performance in the first quarter of 2009 proves that the company's strategy focusing on the upstream oil and gas sector is already on the right track," president director of Elnusa Eteng A Salam said.

Up to April, Elnusa had secured a contract worth Rp 1.86 trillion. The contract comprises a carry over in 2008 of Rp 1.38 trillion, and new contracts worth Rp 918.75 billion.

Elnusa planned to handle a total of contracts this year worth Rp3 trillion. Right now the company managed to book 66% of the projected value of the contracts. The company is also optimistic to win a tender for providing oil and gas services worth Rp1.69 trillion until the end of this year.

The One Stop Solution Service concept offered by Elnusa gives a strength which produced the seismic, drilling, and oilfield projects.