Medco, Pacific Oil compete for Aceh gas block stake
Monday, June 6 2011 - 08:11 PM WIB
IDX-listed firm PT Medco Energi Internasional Tbk and Hong Kong-based oil, gas firm Pacific Oil & Gas are competing hard to acquire a 41.67 percent stake at Aceh Block A oil, gas block onshore Aceh that is being put on sale by UK firm Premier Oil Plc.
A Petromindo.Com source said that both are submitting proposals to Premier Oil.
The source said Medco wanted to increase interest in the block while Pacific Oil is interested to get stake in the block as it was located adjacent to its operations area in Perlak.
The block is operated by Medco, which shares equal stake with Premier, with the balance held by Japanese firm Japex.
The block is expected to start production in 2013-14, supplying 110 MMCFD of gas to Aceh fertilizer maker PT Pupuk Iskandar Muda and 15 MMCFD to a power plant operated by state power firm PLN in East Aceh.(godang)