Medco sells 35% interest in Bawean PSC to Kuwaiti firm
Thursday, July 5 2007 - 12:50 AM WIB
Camar Bawean Petroleum Ltd (CBPL), a wholly-owned subsidiary of PT Medco Energi Internasional Tbk, has agreed to sell a 35 percent interest in Bawean PSC offshore East Java to Kuwait Bawean Indonesia (KBI) for US$23.5 million.
Medco said in a statement on Wednesday that the transfer of interest is subject to approval by the Directorate of Oil and Gas at the Ministry of Energy and Mineral Resources and upstream oil and gas authority BPMIGAS.
Prior the transfer, CBPL holds a 65 percent interest in the block. Meanwhile, the block’s operator, Camar Resources Canada Inc (CRC), holds the balance of 35 percent. CRC is also a Medco’s subsidiary.
KBI is an affiliated company of Kuwait Energy Company KSCC.
In May this year, Medco reported that the Camar field of the block resumed production starting at 1,000 barrels of oil per day after a 3-year shutdown.
According to Medco 2006 Annual Report, the block’s proved and probable (2P) reserves reach 14.72 million barrels of oil. (Robert)