Govt to increase Pertamina?s interest in E. Java block
Friday, April 1 2011 - 04:32 PM WIB
Government will extend contract of West Madura PSC offshore East Java and will increase interest of state oil, gas company PT Pertamina (Persero) to 60 percent from 50 percent currently, Minister of Energy and Mineral Resources Darwin Saleh said on Friday.
Darwin, however, said that the government has yet decided whether it will hand over the block?s operatorship to Pertamina. Currently, the block?s operatorship is held by South Korean oil, gas firm Kodeco Energy.
Darwin hinted that he will sign the block?s contract extension ?soon?.
The block?s 30-year contract will expire in May this year. Currently, Kodeco and Chinese firm CNOOC equally share 25 percent interest in the block.
The block is currently producing 14,000 BPD of oil and 92 MMCFD of gas.
Pertamina has been demanding that the government increase its interest and hand over operatorship in the block?s contract extension.(robert)