JAPEX buys 30% stake in Kerapu block

By Puspita Maylana Devi

Japan Petroleum Exploration Co., Ltd. (JAPEX) announced on Thursday that through its newly established wholly owned subsidiary, Japex West Natuna Limited., it has signed an agreement to acquire a 30 percent participating interest in the Kerapu block, located in the West Natuna Sea.

The interest was purchased from a wholly owned subsidiary of Mubadala Petroleum which holds a 100 percent interest in the block.

Mubadala Petroleum is an international upstream oil and gas exploration and production company managing assets and operations across 12 countries in the Middle East, Africa, Central and Southeast Asia including Indonesia.

The Kerapu Block is located approximately 200km northwest of Natuna Island, in the Indonesian waters of the West Natuna Sea, covering an area of 3,100km2 with a water depth of around 60m.

3D seismic was acquired in 2010 and an exploratory well is planned later in 2013.

South East Asia is one of the focus areas of JAPEX, and it plans to seek additional E&P opportunities in the region.

This transfer of interest in the Kerapu Block is subject to government's approval.

Editing by Dadan Wijaksana