Qyrin to Enter Aceh Oil and Gas Market
Qyrin Petroleum Technology (QPT) draws up plans to form joint venture with the Autonomous Central Government of Aceh to develop the countries oil and gas assets comprised both brownfields and greenfields on and offshore Aceh. Aceh is located on the northern tip of the Indonesian island of Sumatra. The region is rich in natural resources such as oil and natural gas. In 1992, it was reported that Aceh provided 15% of Indonesia’s total exports, and the value of the oil and gas fields was estimated in 2003 to generate US$1.2-1.5 billion annually.