Pearl to sell its stake in W. Papua blocks

UAE oil, gas firm Pearl Energy, a subsidiary of Abu Dhabi firm Mubadala Development Company, will sell its entire stake in Salawati Basin PSC and Salawati Island JOB-PSC, onshore/offshore West Papua, an industry source told Petromindo on Wednesday.

The source said that several parties were interested in the blocks and were expected to submit their bids later this month.

The source did not give further details.

Pearl has a 34 percent stake in Salawati Basin PSC, which currently produces 7,100 BPD of oil; and 18.7 percent in Salawati Island JOB-PSC.

PetroChina had discovered oil in Salawati Island JOB-PSC onshore West Papua, Ali Mundakir, spokesperson of PT Pertamina Hulu Energi (PHE), which runs the block together with PetroChina, said in February this year. The Bagong-2 discovery well is estimated to hold 2.4 million barrels of recoverable oil.

Pearl still has several blocks in Indonesia, including Bulu PSC offshore East Java, East Muriah PSC, off East Java, Karana PSC and Sebuku PSC, both are located off East Kalimantan and Tungkal PSC, onshore Jambi. (denny)