Medco submits PoD for Aceh gas block
Wednesday, March 7 2007 - 07:52 AM WIB
Medco E&P Indonesia, a subsidiary of JSX-listed energy firm Medco Energi Internasional said on Wednesday it had submitted PoD for Block A gas field in Aceh to the Ministry of Energy and Mineral Resources and BPMIGAS for approval.
CEO Lukman Mahfoedz told Petromindo.Com that under the PoD, the block?s partnership would commence gas delivery in mid-2010.He did not reveal investment estimate.
He also declined to say the volume of gas that would be flowed from the block, but according to a source, the PoD estimated gas to flow at 110MMCFD rate with further upside potential.
Lukman said Aceh fertilizer plant PT.PIM and state electricity firm PLN are potential buyers for the block?s gas.
The block is operated by Medco with 41.67 percent interest. Other participants are Japex and (41.67 percent) and Premier Oil (16.67 percent). Contractors would get 49 percent gas split from the block.(alex)