EMP to pay $77.25m for 10 percent stake at Masela

IDX-listed oil, gas firm PT Energi Mega Persada Tbk (EMP) said on Monday it would pay US$77.25 million to Inpex Corporation to acquire 10 percent interest in Masela PSC giant gas block.

The company said that currently it was looking for ways to finance the acquisition.

EMP announced last week deal with Inpex to acquire 10 percent stake in the block.

According to EMP, based on the plan of development (POD) approved by the government, 4.5 million tons per annum of LNG and 13,000 barrels of condensate per day will be produced at the field using the Floating Liquefied Natural Gas (FLNG) technology with production expected to start in 2016. (alex)