Jambi oil block partnership seeks contract extension

Singapore firm Richland Group Limited reported on Tuesday that Ramba TAC partnership is in negotiation with state oil and gas company PT.Pertamina (Persero) to extend the block?s contract for another 20 year to 2030.

The partnership is seeking the contract extension under new scheme known as Joint Cooperation Contract.

Ramba TAC, which is an oil producing block that comprises of seven fields onshore Jambi, is 60 percent controlled by operator Elnusa Tristar Ramba Limited and 40 percent by Canadian top oil, gas firm Talisman Energy.

Richland is in the process of acquiring 75 percent stake at Elnusa Tristar Ramba Limited for US$150 million. (alex)