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ARCO invests $3B in gas
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September 2, 1997: 9:31 a.m. ET
Company to develop major discovery in eastern Indonesia for sale in Asia
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NEW YORK (CNNfn) - Atlantic Richfield Co. said Tuesday it will invest $3 billion to develop a major natural gas line it discovered in eastern Indonesia.
The U.S. energy titan found a vein with 13 trillion cubic feet of natural gas, equivalent to 2.2 billion barrels of oil, the company said.
"Natural gas developments …rank very high on our global growth agenda," said Mike Bowlin, chief executive of ARCO. The company will sell the gas in Asia, he said.
The company made the discovery in its Vorwata structure offshore of Irian Jaya in the eastern part of the country, it said. ARCO will continue exploration of the area.
Bowlin said Indonesia's massive Natuna gas project in the South China Sea wouldn't affect the new project.
"[Natuna] is a very different project," Bowlin said. "It will find a very different market." 
-- From staff and wire reports
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Atlantic Richfield Co.
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