Elnusa acquires Conocophillips? Sumatra TAC

PT Elnusa, a subsidiary of state-owned oil and gas company PT Pertamina, said on Tuesday that it had acquired ConocoPhillips' Ramba technical assistance contract (TAC) onshore in South Sumatra .

 

"Elnusa had bought Ramba TAC and we will partner with (a) foreign firm (to develop the field)," Elnusa president director, Eteng A. Salam, said.

 

He did not give further details.

 

According to a source, who declined to be named, Elnusa acquired the TAC for US$25 million and it would partner with Chinese firm called Tri Star to develop it.

 

Ramba TAC is a mature field. At present, it produces about over 3,000 barrel oil per day. The contract expires in 2010. (godang)