GSS Energy?s subsidiary gets contract from Pertamina EP
Wednesday, October 5 2016 - 04:14 AM WIB
PT Sarana GSS Trembul (PT SGT), a subsidiary of GSS Energy Limited, announced on Wednesday that the company has secured a joint operation contract (KSO) from PT Pertamina EP for the Trembul Operation Area in Central Java Province.
PT SGT is a joint venture between GSS Energy and PT Sarana Pembangunan Jawa Tengah (PT SPJT), a commercial vehicle wholly-owned by the provincial government of Central Java which holds stakes in various large-scale infrastructure projects in Indonesia. In accepting the KSO offer, PT SGT has made the opportunity cost payment of US$0.5 million to Pertamina.
The Trembul Operation Area is situated within Blora regency in Central Java. It lies within the Kening Trough onshore East Java Basin, between Purwodadi and East Cepu, with reservoir potentials in Ledok, Wonocolo, Ngrayong, Tawun and Kujung.
According to a Qualified Person?s Report (QPR), Trembul area has a net substantial 24.32 million stock tank barrels of high estimate contingent resources, up to the depth of 800 meters. Potential reserves beyond 800 meters depth has not been estimated yet.
PT Pertamina EP is a subsidiary of PT Pertamina, an Indonesian state-owned oil and natural gas corporation and one of the largest crude oil producers in Indonesia. PT Pertamina EP focuses on managing the upstream oil and gas production through exploration and exploitation activities.
Sydney Yeung, CEO of GSS Energy, commented, ?We are continuing our twin business model of Precision Engineering and Oil & Gas to build greater resilience to meet the increasing uncertainty in the business environment and global economy. This award of joint operation with PT Pertamina EP is a significant development in our O&G segment. Our strategy for the O&G side is to build up a portfolio of assets and this is another step in that direction.
Editing by Benget Besalicto ST