Govt okays Inpex? plan to develop Masela LNG plant
Thursday, January 8 2009 - 04:49 PM WIB
Government has in principle agreed with Inpex Corp.?s plan to build a floating LNG plant in Masela Block in Timor Sea and hoped that the Plan of Development could be okayed in March this year.
Director General of Oil and Gas at the Ministry of Finance Evita Legowo told reporters on Thursday that currently government is valuating the project?s economics, including contractor?s split.
Evita said the project, which is estimated to worth US$16.9 billion, is expected to become onstream in 2016.
Inpex, which estimates the block to have recoverable reserves of 10 TCF, plans to build a 4.5MTPA floating LNG terminal in Masela.
Inpex has 100 percent interest in Masela, but State oil, gas company PT.Pertamina said it wanted to acquire 30 percent stake in the block.(bernard/godang)