EMP to relinquish several fields this year
Friday, January 23 2015 - 10:45 AM WIB
IDX-listed oil and gas firm PT Energi Mega Persada Tbk. (EMP) will relinquish two fields in Kangean PSC, East Java, namely Pagerungan Utara and Sepanjang, and a small part of Tonga block in North Sumatra.
EMP?s Investor Relations Chief Herwin W. Hidayat said on Friday the firm decided to relinquish the area in Tonga because internal study revealed there are now resources there. Pagerugan Utara and Sepanjang will be returned to the government because do not meet expectation for return of investment. Furthermore, the planned relinquisment is part of the firm?s contractual commitment.
According to the firm?s website, Kangean PSC covers a total area of 4,509 km2. The block is divided into seven fields: Pagerungan, karangtakat, South Saubi, Terang Sirasun, Pagerungan Utara, Sepanjang and South Celukan.
Meanwhile, Tonga PSC covers 2,607 km2 and was awarded in 2007 for 30 years.
Editing by Johannes Simbolon