The Tokyo-based company said Langsa is the only project in the world in which Modec holds the concession. Stable production of oil continues at between 1000 barrels per day and 2000 bpd.
"However, as the development of new oil wells has not progressed as we initially expected and the prospects for the expansion of crude oil production in the future have become uncertain, the Modec Group has decided to write off the investment which Modec Production (Langsa) Pte Ltd made based on its shares in the concession in the fiscal year ending December 31 2007," said Modec.
To
