Pertamina sets up unit to manage East Natuna gas block

By Bernard Loebs

PT Pertamina is establishing a new subsidiary called PT Pertamina East Natuna which will manage the state owned oil and gas company?s participating interest in East Natuna block in Natuna, Riau Islands.

Denie S. Tampubolon has been appointed as the director for the new company while Muhamad Husen as commissioner.

Denie said the company will be in full operation immediately after the government signed the Production Sharing Contract (PSC) documents, which the company expects to take place within the next three months.

In August 19, 2011, Pertamina and its partners Petronas, Esso Natuna Ltd and Total E&P Activities Petrolieres signed Principles of Agreement (PoA) on the development of the East Natuna. The POA is an initial agreement which will be used as the basis for the issuance of a PSC. Petronas however has since withdrawn from the project.

Editing by Dadan Wijaksana