PTBA sets sights on 2 CBM projects in Sumatra

By Hiski Darmayana

IDX-listed coal miner PT Bukit Asam Tbk (PTBA) said it is eyeing two coal bed methane (CBM) projects in West Sumatra and Riau and has submitted application in a tender involving the two projects currently being organized by upstream oil and gas authority SKK Migas.

?For funding sources, we have three options, namely project financing, rights issue and bank loan," President Director Milawarma said in Jakarta on Wednesday.

At present, together with PT Pertamina and Dart Energy, PTBA managed a CBM project located near the company's coal concession in Tanjung Enim, South Sumatra. Drilling has been completed in three wells this year.

?Next year, two new wells will be drilled. We expect by 2015 this project can reach full production of 40 mmscfd," said Corporate Secretary Joko Pramono.

Editing by Dadan Wijaksana