RI stands to gain $1b more income from Natuna Block B

With the selling price of gas from ConocoPhillips? Natuna Block B to Petronas? facility in Duyong, Malaysia, rising by almost 100 percent, the government is set to gain US$1 billion in additional revenue during the period of 2012-2022.

The figure came up during a meeting between upstream authority BPMIGAS Chairman R. Priyono and President & CEO of Petronas Daro? Shamsul Azhar Abbas in Jakarta on Tuesday.

BPMIGAS and Petronas Carigali have previously agreed to increase the selling price to US$6 per mmbtu, from US$3.1 per mmbtu. ConocoPhillips have sold gas produced from the Natuna Block B to Petronas since 2002 amounting to 250 bbtu per day.

While the renegotiation has been completed, it has yet to take effect pending approval from the Energy and Mineral Resources Minister, said Gde Pradnyana, Head of Public Relation, Security and Formality Division at BPMIGAS, in a media statement.

Editing by Dadan Wijaksana