Majors competing for Masela stake

A number of international oil, gas companies are competing to get a stake at Inpex Corp.-operated Masela giant gas block in Timor Sea.

Petromindo.Com sources said that companies such as ExxonMobil, Chevron, ConocoPhillips, Total SA, Royal Dutch/Shell, Statoil have expressed interest to farm-in the block, where a floating LNG plant with initial capacity of 2.5 MTPA will be developed.

The sources said that Inpex will likely farm-out maximum 20 percent interest in the block. The Company currently holds 90 percent interest in block with the balance held by IDX-listed firm PT Energi Mega Persada Tbk. (EMP). Inpex will likely be giving up 9 percent interest to Maluku provincial government to comply with Indonesian participation rule, where Indonesian-owned company appointed by Ministry of Energy and Mineral Resources has right to farm-in 10 percent interest as soon as a PSC?s first PoD approved.

?Inpex is now evaluating which company will bring biggest benefit in terms of providing appropriate technology to help developing the project,? one source said. (godang)