Premier to quit Aceh gas block
Friday, May 20 2011 - 03:40 AM WIB
UK oil, gas firm Premier Oil plc plans to sell its entire stake at Block A PSC gas block onshore Aceh.
A Petromindo.Com source at the ministry of energy and mineral resources said the company has requested permission to open the block?s data room.
Premier has 41.67% non-operating interest in the block. Operator Medco E&P Indonesia has equal stake in the block with the balance held by Japanese firm Japex.
The source said that Medco might be interested to increase its stake in the block.
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)