CITIC completes Maluku oil block acquisition
Monday, November 27 2006 - 05:43 PM WIB
CITIC Resources Holdings Ltd., a Chinese energy and base-metals producer listed at Hong Kong Exchange said Monday it had completed the purchase of 51 percent interest in Seram (Non-Bula) PSC, Maluku on 23 November 2006. The company also took over the block?s operatorship from Kuwait oil firm KUFPEC.
The company also said has the option to buy an additional 2.5% interest in the PSC from another holder, Australian-listed Lion Energy Ltd.for US$4.8 million.
CITIC in July agreed to buy 51 percent interest in Seram block from KUFPEC for $97.4 million.
The block has Oseil Field, which produced 4,300 barrels of oil a day in the first six months of 2006. The field has proven reserves of 7.05 million barrels of heavy crude. (alex)