Cash-rich GSS Energy moves towards oil production

Singapore

IN SPITE of the bloodbath in the oil exploration and the offshore and marine sectors, precision engineering firm GSS Energy is moving ahead with its plans to produce oil in Indonesia - armed with an enormous cash hoard to buffer against the volatility in oil prices.

The company, which in November was awarded a contract by Indonesian state-owned energy giant PT Pertamina, expects first oil to come by the first half of next year.

The Pertamina contract was "a very big milestone" for the…