Petrogas acquires 10% interest in Sampang, Madura Offshore PSCs

East Java province-owned company PT Petrogas Wira Jatim confirmed Thursday it had purchased a 10 percent interest each in Sampang and Madura Offshore PSCs from operator Australian oil and gas firm Santos Limited.

?Petrogas will invest around US$40-60 million to bring production from both blocks,? Petrogas upstream director Untung Suryanto told Petromindo.Com on the sidelines of the Society of Indonesian Petroleum Engineers (IATMI) event in Bandung.

Sampang and Madura Offshore joint ventures are developing Oyong and Maleo oil and gas field, respectively. Oyong field is expected to commence oil production early next year and gas the following year, while Maleo field is scheduled to deliver its gas in 2006.

Sampang joint venture has also discovered oil with early estimate of around 170 million barrels of oil in Jeruk field. (Alex)