Malaysia?s Ranhill completes acquisition of W. Java gas concession
Monday, June 14 2004 - 01:04 PM WIB
Malaysian energy firm Ranhill Berhad announced on Monday that it had completed acquisition of 49 percent shares of West Java gas producer Ellipse Energy Jatirarangon Wahana Limited (EEJW) for US$6,610,000.
EEJW is the principal and operating concession holder for the Technical Assistance Contract (TAC) for Jatiraragon Block near Jakarta, with 70 per cent interest in TAC. The concession is for 20 years, from 22 May 2000, to 22 May 2020.
The remaining 30 percent interest is held by PT Wahana Sad Karya, a local Indonesian company. The project is now in the final stages of its first development phase, with the first two wells expected to begin production in August 2004.
State gas distribution firm PGN had signed principal agreement with the TAC, in which the latter would supply up to 30 MMCFD of gas per day starting this year for 10 years to the former.(alex)