Pertamina, Petronas, Petrochina to increase stake in Jabung PSC
Wednesday, February 5 2003 - 12:45 AM WIB
State oil and gas company Pertamina said Tuesday it had formed a consortium together with Malaysia?s Petronas and China?s Petrochina to acquire 30 percent working interest in Jabung PSC, Jambi province, from US oil company Amerada Hess.
?We are in the process of evaluating the asset and hope to be able to close the deal soon,? said Pertamina president Baihaki Hakim in a parliamentary hearing in Jakarta Tuesday. Baihaki, however, declined to disclose further detail.
Jabung PSC is an oil and gas-producing block, operated by Petrochina. Natural gas from Jabung is part of South Sumatra gas which will be supplied through pipeline to Singapore starting fourth quarter of this year.
Petrochina and Petronas currently hold 30 percent working interst in the block, while Pertamina has 10 percent. (alex/godang)