Kogas plans to buy stakes in Eni's gas blocks: Report
Friday, May 18 2007 - 04:47 AM WIB
South Korean gas company Korea Gas Corp. (Kogas) said it will spend 83 billion won ($89 million) to buy stakes in three projects owned by Italy's Eni SpA.
It will sign an agreement in June to buy a 10 percent stake in each of Eni's gas projects in East Timor and Mozambique, Kogas said in a regulatory filing on Thursday.
Kogas also will buy a 15 percent stake in Eni's Indonesia project in Krueng Mane.
The investments will be made by 2009 and the final figure may change, Kogas said.
In August last year, Indian oil firm ONGC Ltd is in talks with Eni over the possibility of the former to farm-in the latter’s Krueng Mane gas block offshore Aceh/North Sumatra.
Eni has 100 percent working interest in Krueng Mane block.
According to Eni, the block has proven undeveloped reserves of 183 billion cubic feet within the JAU Field and exploration potential of at least 4.5 trillion cubic feet reserves in the three main prospects (BSN, Safir & Emerald). (*)