EMP: TSB phase two project in Kangean Block to be developed next year
Friday, December 22 2017 - 01:09 AM WIB
IDX-listed upstream company PT Energi Mega Persada Tbk (EMP) said that the company will invest US$262 million for the development of a Terang Sirasun Batur (TSB) second phase project in the Kangean Block offshore East Java next year.
President Director of EMP Imam Agustino said on Thursday that with the development of the TSB project there will be an additional gas production of 130 mmscfd starting in 2019.
"The investment of $262 million for the TSB phase 2 project will be fully funded by our cash flow,? Imam said.
Kangean Energy Indonesia Ltd. is the operator of the Kangean PSC with a 50 percent working interest, while the remaining is held by EMP Exploration (Kangean) Limited.
Editing by Reiner Simanjuntak