Pertamina determined to acquire stake in Masela block
Thursday, April 19 2012 - 05:22 AM WIB
State owned oil and gas firm PT Pertamina reiterated its intention to acquire up to 25 percent of participating interest in the massive Masela Block in the Arafura Sea operated by Inpex Corporation of Japan.
Adriansyah, Pertamina?s SVP for Upstream Business Development, told potromindo.com that the company is still waiting for the government?s approval on its formal request to acquire a 10 percent interest in the block.
In addition, he added, Pertamina has also formally submitted a proposal to Inpex, under a business-to-business scheme, to take over 15 percent of the block. Although no responses so far from Inpex.
?We were disappointed when we were not told when Energy Mega Persada took over the 10 percent stake. Now we?re serious. We?re ready, so is the funding.?
The Masela block measures 3,221 km2 in a water depth ranging from 300 meters to 1,000 meters. The Abadi gas field within the block was discovered in 2000, and the subsequent six appraisal wells and the study results confirmed the sufficient gas reserves for LNG development.
Inpex recently completed the necessary procedures for the transfer of a 30-percent participating interest in the Masela to Shell Upstream Overseas Service Ltd (Shell), reducing its stake to 60 percent. PT EMP Energi Indonesia, a subsidiary of PT Energy Mega Persada Tbk (EMP), owns the remaining 10 percent.
Editing by Dadan Wijaksana