IKPT secures $65m EPC contract to develop S. Sumatra gas field
Monday, August 11 2008 - 03:52 AM WIB
IDX-listed energy firm PT.Medco Energi Internasional Tbk. has awarded US$65 million EPC contract to develop Singa gas field in Lematang PSC in South Sumatra to national contractor PT.Inti Karya Persada Teknik (IKPT).
The company said in a presentation posted in its website that the field is expected to become onstream end of 2009.
The company has signed 9-year deal to sell 130BCF of Singa gas to state electricity firm PLN at average price of $3.22 per MMBTU.
Medco has 74 percent interest in the block, with the remaining balance held by Swedish firm Lundin petroleum. (denny)