Bob Hasan sells his stake at UNOCAL

Mohamad "Bob" Hasan, former industry and trade minister and former president Soeharto's golfing buddy, has sold all of his stake at UNOCAL Geothermal Indonesia (UGI), according to the company's spokesman Hardjono Dhanutirto.

"There is no more shares owned by Bob Hasan at UNOCAL. Those shares have been acquired by UNOCAL," Hardjono said after accompanying UNOCAL executives at a meeting with Minister of Mines and Energy on Monday.

But Hardjono, little brother of former communications minister Dhanutirto, declined to elaborate on how many shares Bob Hasan owned and how much UNOCAL paid Bob Hasan. Hardjono also declined to answer questions on why Bob Hasan left UNOCAL. He only indicated that Bob Hasan might have needed some cash when he sold his stake at the company.

At the meeting with the minister, Hardjono said, the company reported about its plan to start the operation of oil wells in Wiseno sea, in East Kalimantan.

"According to our plan, the wells will start production in year 2002. The wells are expected to produce 60,000 barrels of crude oil per day," Hardjono said.

The wells will have the depth of between 3,000 to 3,500 meters below sea, and 12 miles from the shores. "This is the first drilling project under the sea," Hardjono said.

He said UNOCAL has invited Mobil Oil and state oil firm Pertamina to join in the project to exploit the Wiseno oil field. UNOCAL and Mobil Oil will take 45 percent stake each, while Pertamina will have 10 percent. (*)