Ramba Energy secures higher price for W. Java gas
Friday, February 18 2011 - 02:09 AM WIB
Singapore-listed oil, gas firm Ramba Energy Limited reported on Friday that it has been able to increase gas sales price from its West Java gas field to state gas distribution firm PT PGN (Persero) by 69.9 percent.
According to the company, Ellipse Energy Jatirarangon Wahana (EEJW), a subsidiary of Ramba Energy has been notified by PT Pertamina Exploration & Production that it has concluded amendment of gas sales deal between TAC Pertamina-Ellipse Energy and PGN, which will result in a significant adjustment to the gas sale price from US$2.55 per MMBTU to $4.332 per MMBTU.
EEJW owns a 70% participating interest in, and is the operator of the Jatirarangon TAC Block, oil and gas-producing field located in Cikarang, West Java.
The new gas sale price will take effect from 1 April 2011 and it will be subject to an escalation rate of 3% per annum, the company said without disclosing the sales volume. (kanti)