Interra, Citigroup complete acquisition of Mitsubishi's interests in ONWJ & SES PSCs

Singapore-listed oil company Interra Resources Limited announced Thursday it had completed the acquisition of Mitsubishi Corporation’s 5 percent interest each in the Offshore Northwest Java (ONWJ) PSC and the South East Sumatra (SES) PSC.

Earlier Interra said Orchard Energy Holding Java & Sumatra B.V., a 50-50 joint venture (SPV) between Interra and Citigroup Financial Products Inc, would pay US$ 48 million for the acquisition.

BP-operated ONWJ PSC contains some 52 oil and gas fields. The acquisition’s share of production is approximately 1,600 bpd of oil and 13 mmcfd of gas. Meanwhile, SES PSC operated by China National Offshore Oil Company (CNOOC) contains over 280 exploration wells that have been drilled, resulting in the discovery of 47 fields, of which 33 fields have been developed.

The acquisition represents a non-operating interest in two substantial PSCs with net attributable production of approximately 5,600 barrels of oil per day and 13 million cubic feet per day of gas. (Robert)