Medco, Saka competing for Conoco?s Natuna Sea Block B
Thursday, May 19 2016 - 11:22 AM WIB
IDX-listed energy firm PT Medco Energi Interrnasional Tbk and PT Saka Energi Indonesia, a subsidiary of IDX-listed state owned gas distributor PT Perusahaan Gas Negara Tbk, have been selected as preferred bidders for ConocoPhillips Indonesia? state in Natuna Sea Block B PSC in Natuna Sea, Riau Archipelago province.
Previously, two other companies, Premier Energy and state owned oil and gas firm PT Pertamina were seeking to participate as joint bidders to acquire the block. But, according to a source, they failed to reach a consensus.
?As a result, there are now only two companies ? Medco and Saka ? competing for the block. Cophi (ConocoPhillips) is evaluating their bids to choose the winner,? the source told Petromindo.com.
VP of Conocophillips Indonesia Joang Laksanto refused to comment on the information.
ConocoPhillips Indonesia operates the block with 40 percent interest. Other US oil major Chevron Corp. has 35 percent interest with the balance held by Japanese firm Inpex.
According to the ConocoPhillips? website, its net production from the block in 2014 was 29,000 BOEPD including crude oil (5,000 BPD), gas (117 MMCFD) and natural gas liquid (4,000 BPD).
The block was awarded in 1968, and first production came on line in 1979, with expiration scheduled in 2028.
Natural gas produced from the block is sold to Singapore and Malaysia through two long-term contracts via the West Natuna Transportation System Gas Pipeline
Editing by Johannes Simbolon