Pacific Oil & Gas to sell stake at S. Sumatra block
Tuesday, May 5 2009 - 06:26 AM WIB
Oil and firm Pacific Oil & Gas Indonesia (POGI) is in the process of selling its 25 percent interest in Jambi Merang JOB onshore South Sumatra.
Spokesperson Alfred Menayang told Petromindo.Com that the decision to sell its interest is part of the company?s strategy to review existing portfolio as well as potential opportunities.
An industry source said that the company has opened data room for the block for review by interested buyers.
State oil and gas company PT.Pertamina has 50 percent stake in the block with US firm Hess Corp. having the remaining 25 percent.
The block is scheduled to commence production in 2010, with peak production of 120 MMCFD of gas and 12,000 BPD liquids reached one year after. Gas from the block will be piped to PLN?s power plant in Java. (godang)