Gebang JOB partnership seek contract extension for the block
Tuesday, November 11 2008 - 05:04 AM WIB
Pertamina-Costa International Group Ltd Joint Operating Body (JOB) has submitted request to extend contract of Gebang PSC onshore/off North Sumatra by another 20 years.
A BPMIGAS official told Petromindo.Com that the block?s contract will expire in 2015.
The official said that the request is currently being processed and evaluated.
Pertamina has 50 percent interest in the block while Costa, a subsidiary of IDX-listed firm PT.Energi Mega Persada, has the balance.
According to the official, the JOB partnership considered the block to have high economic potential, including exploration potential.
The JOB has signed deal in 2007 to sell 12 MMCFD of gas from its Anggor field to PT Energasindo Heksa Karya at the price of $ 4.8/mmbtu with a price escalation of 3 percent every year with total volume of 28 BCF until 2015. (denny)