Bhakti Investama to start Semai block seismic survey

Publicly-listed investment firm PT Bhakti Investama Tbk is expecting to close a deal with local firm PT Suma Sarana within 1-2 weeks to acquire a majority stake in Semai III exploration block offshore West Papua, the company?s official told Petromindo.Com on Tuesday.

Even the transaction has not been closed yet, the control of the block's operation is already handled by Bhakti Investama, oil and gas division director, Budiono said.

He said that Bhakti is expected to start seismic survey in Semai III block by the end of this year. The company is currently holding a tender to carry out the seismic survey, with winner expected to be announced next month.

He did not disclose percentage of interest the company would acquire and also did not give the names of participants in the seismic survey tender.

The company is also planning to start first drilling at the block by early 2012, adding that next year, the company will hold tender to procure rig.

Earlier, CEO Hary Tanoesoedibjo claimed that the block has potential resources of 1 billion barrels of oil equivalent.

The block was awarded to Suma Sarana in 2008. Suma Sarana paid US$6 million signing bonus and committed to drilling two wells in the block. (giok)