Chevron divests interest in South Natuna Sea Block B
Monday, October 9 2017 - 02:14 AM WIB
Petromindo|Boim
Chevron has sold its entire 25 percent participating interest in South Natuna Sea Block B (SNSB) to ?an interested party,? reports said on Monday.
Bisnis Indonesia quoted Chevron Indonesia Senior Vice President for Policy, Government and Public Affairs, Yanto Sianipar as confirming the company?s decision to sell the participating interest. ?The company has decided to divest the 25 percent participating interest in SNSB to a party which has expressed interest in the block,? he told the paper, but declined to disclose the name of the company.
Meanwhile, Hilmi Panigoro, President Director of IDX-listed energy company PT Medco Energi Internasional Tbk, which through Medco E&P Natuna holds 75 percent interest in SNSB as the operator, said his company has decided not to increase its interest in the block.
He suggested that Chevron might have sold the 25 percent participating interest in SNSB to PT Bumi Hasta Mukti, but could not really confirm for sure.
Medco acquired a 35 percent interest in SNSB in March of this year from Inpex Natuna Ltd, thus increasing its stake in the block to 75 percent.
The South Natuna Sea Block B is located 1,200km north of Jakarta, Indonesia in the Natuna Sea where the water depth is approximately 50-55 meters. The average production rate for the Block for the year 2016 was approximately 20,000bbl/d of crude oil, 197MMscf/d of natural sales gas and 6,000bbl/d of LPG.
Meanwhile, Kontan reported that Bumi Hasta Mukti started its involvement in the oil and gas business in 2001 following the acquisition of PT Maruta Bumi Prima, a processing firm in Pangkalan Brandan, North Sumatra. In 2002, Bumi Hasta acquired upstream firm PT Pelangi Haugeulis Resources, which is a partner of PT Pertamina EP under technical assistance contract. In 2003, Bumi Hasta acquired PT Pertalahan Arnebarata Natuna, which manages the offshore Udang Natuna oil and gas field, which started production in 2005, and currently has production rate of 3,000 bpd, the paper said. (*)