PGN eyeing stake at Sumatra gas block
Tuesday, June 28 2011 - 01:26 AM WIB
He did not give detail, but said that the block is not a greenfield block.
A Petromindo.Com source said that the company will team up with another IDX-listed energy firm PT Medco Energi Internasional Tbk to acquire Premier Oil?s 41.67 percent stake at Aceh Block A gas block in Aceh that is currently being put on sale. The source said that PGN will acquire stake through Medco?s first right as the block?s operator.
Medco also has 41.67 percent stake in the block, with Japan?s Japex has the remaining balance.
The block is expected to start production in 2013-14, supplying 110 MMCFD of gas to Aceh fertilizer maker PT Pupuk Iskandar Muda and 15 MMCFD to a power plant operated by state power firm PLN in East Aceh.(godang)