CBM Asia, ExxonMobil negotiate possible joint venture
Friday, November 9 2012 - 12:36 AM WIB
CBM Asia said that it was in negotiations with ExxonMobil to farm into three existing coalbed methane production sharing contracts (PSC) in the Barito Basin, South Kalimantan, and acquire rights to farm into certain additional PSCs in the Kutai Basin, East Kalimantan.
?CBM Asia?s management team is excited by the opportunity to work with ExxonMobil. We have been in detailed discussions with ExxonMobil for several months and jointly aim for more efficient and effective development programs,? said CBM Asia President Director and CEO Alan T. Charuk on Thursday.
He said that upon closing, the Barito Basin PSC?s farm-ins and the potential Kutai Basin PSCs would result in a material increase in his company?s Indonesian acreage position and potential recoverable resource.
?We are close to finalizing our 2012 agenda of adding material low-cost acreage to our portfolio and look forward to our 2013 exploration and pilot production programs,? he added.
Editing by Benget Besalicto Tnb.