Pertamina to acquire interest in Exspan?s oil, gas blocks
Wednesday, November 28 2001 - 02:36 AM WIB
State oil and gas firm Pertamina said Tuesday that it would acquire 20 percent working interest in Rimau production sharing contract (PSC) area in South Sumatra and Tarakan PSC in East Kalimantan, both are operated by local oil, gas firm Exspan Nusantara, a subsidiary of Medco Energi International.
Pertamina?s President director Baihaki Hakim said the contract for Tarakan PSC which would expire in Ianuary 2001 and Riamu block which would expire in April 2003 would be extended for another 20 years.
Currently Rimau PSC produces between 85,000 to 90,000 barrels of oil equivalent per day (BOEPD) while Tarakan PSC produces 2,200 barrels of oil per day and 29 million standard cubic feet per day of natural gas.
Pertamina had been trying to acquire several oil, gas fields in Indonesia in a bid to increase the company?s oil, gas production. (godang)