Pertamina signs seven oil and gas contracts
By: George Blunt
Monday, May 22 2000 - 05:20 AM WIB
State oil and gas company Pertamina signed on Monday seven new oil and gas contracts, including three production-sharing contracts (PSCs) and four technical assistance contract (TAC).
The contracts were signed by Pertamina's president Baihaki Hakim with the oil and gas contractors in a ceremony presided over by Minister of Mines and Energy Susilo Bambang Yudhoyono.
Australian firm Energy Equity (Bone Bay) Pty. Ltd obtained a PSC to develop oil and gas resources off the coast of Bone, Sulawesi.
Kalrez Petroleum (Seram) Ltd received a PSC to develop the Bula onshore block in Seram, Maluku, while Kuwaiti firm Kupfec Indonesia Ltd was awarded with a PSC to develop the Seram (outside Bula) onshore block in Maluku.
Four TACs were awarded to respectively Energy Equity (Gajah Besar) Pty. Ltd for the Gajah Besar field in South Sumatra; local firm PT Indama Putra Karya Pertama for the Kaya field, also in South Sumatra; local firm PT Binatek Reka Kruh for the Kruh field, also in South Sumatra; and local firm PT Wahana Sad Karya and First Union Resources Company for the Jatirarongan field in West Java.
Pertamina's exploration and production director Gatot K. Wiroyudo said the PSCs and the TACs would expire in 30 years and 20 years respectively.
He said all the contract recipients were committed to invest a total of US$112.273 million for exploration and exploitation in the first ten years. (*)