El Paso sells E. Java E&P interest to Singapore?s SPC
Saturday, July 24 2004 - 12:37 AM WIB
US energy firm El Paso Corp. announced Friday that it had closed sale of 40 percent interest in Sampang PSC offshore East Java to Singapore Petroleum Company Ltd.
The company sold its interest in the PSC for US$32.2 million plus working capital.
Sampang PSC is operated by Australian oil firm Santos Limited, which holds 45 percent working interest in the block. Another Australian firm Cue Energy has the remaining 15 percent.
Sampang PSC is slated to supply gas from Oyong gas field to state electricity firm starting next year. (alex)