Eight companies interested in South Sesulu block

By Febry Silaban

Eight companies have submitted letters expressing interest to farm into South Sesulu PSC offshore East Kalimantan, operated now by PT Saka Energi Indonesia, a subsidiary of state-owned PT Perusahaan Gas Negara (PGN).

?Due diligence is still ongoing. There are eight companies coming to the data room of the block,? Chief Operating Officer Tumbur Parlindungan said to Petromindo.com but stopped short of saying the names of the eight companies.

Previously, Saka announced that it was looking for partner(s) which are capable in terms of financing and technology to develop hydrocarbon discovered in South Sesulu PSC.

?We offer up to 49 percent working interest in the block,? Tumbur said, adding that the next activities in the block will depend on who will be its partner(s)

Saka has drilled one exploration well in the block, called SIS#A1 and found a gas reserve of 500 billion cubic feet. In order to have its Plan of Development (PoD) for the block approved, however, the firm needs to drill at least two wells. The firm plans to get a PoD approval in 2017.

Saka owns a 100 percent interest in the block.

Editing by Johannes Simbolon