Maruta to acquire shares in South Natuna Sea Block B
Monday, August 7 2017 - 12:46 PM WIB
An upstream company called PT Maruta Bumi Prima plans to acquire the entire 25 percent interest of Chevron Indonesia Company in South Natuna Sea Block B, according to a source.
The source said that the transaction is expected to close in September of this year. No further details were provided.
Deputy of Operation at upstream oil and gas authority SKK Migas, Fatar Yani said the regulator has yet to be informed about the planned acquisition. ?It?s a B to B (business to business transaction). Usually, we?ll be informed when it?s close to a deal. Until now SKK Migas has yet to get report about the transfer of the shares,? he told Petromindo.com.
In March of this year, Inpex Corporation announced it has decided to sell all its shares in Inpex Natuna Ltd., its wholly-owned subsidiary that holds a 35 percent participating interest in South Natuna Sea Block B to PT Medco Daya Sentosa (Medco), a subsidiary of IDX-listed energy company PT Medco Energi Internasional Tbk.
In November of last year, Medco Energi Internasional announced it has completed the acquisition of ConocoPhillips Indonesia Inc Ltd (CIIL) and ConocoPhillips Singapore Operations Pte. Ltd. (CSOP), both of which are subsidiaries of ConocoPhillips (COP).
CIIL, which is the operator of the South Natuna Sea Block B PSC with a 40 percent interest, is also the operator of the West Natuna Transportation System (WNTS). CSOP operates an onshore receiving facility in Singapore.
South Natuna Sea Block B is located 1,200km north of Jakarta, Indonesia in the Natuna Sea where the water depth is approximately 50-55 meters. The average production rate for the Block for the year 2016 was approximately 20,000bbl/d of crude oil, 197MMscf/d of natural sales gas and 6,000bbl/d of LPG.
Editing by Reiner Simanjuntak