Pacific Oil & Gas to quit N. Sumatra exploration block

Hong Kong-based oil, gas firm Pacific Oil & Gas Limited plans to sell its interest at Kisaran PSC exploration block onshore North Sumatra.

Eddy Hermantoro, Upstream Director at the Ministry of Energy and Mineral Resources told Petromindo.Com on Wednesday that the company has formally submitted request to open data room to be accessed by third party.

An industry source said that the company planned to sell its entire 100 percent stake in the block to raise fund to finance development of its other block in Perlak, Aceh province.

The block has an oil discovery called Parit Minyak-1.

The company is also in the process of selling its entire 25 percent interest in Jambi Merang JOB Block onshore South Sumatra. The block is slated to start production this year with peak production of 120MMCFD. The source said Chinese firm PetroChina is the strongest candidate to acquire Pacific Oil?s interest in the block. (godang)