Santos sells Bentu block
Wednesday, October 15 2003 - 08:44 AM WIB
Australian oil and gas firm Santos Limited has reached deal to sell its interest in Bentu PSC block, onshore Riau to a local company controlled by Bakrie family, an industry source said.
?The deal would be announced soon,? said the source, who requested for anonymity.
Santos Indonesia official contacted for confirmation declined to comment.
Santos has 61 percent working interest in Bentu PSV, with Petroz Bentu Ltd., which is controlled by ConocoPhillips, holding the remaining 39 percent.
The block?s current gross gas reserves are estimated at around 200 billion cubic feet.
Bentu block is allocated 10 percent of the volume of future gas contract from South Sumatra to Malaysia, which is atill being negotiated with Malaysian oil company Petronas. Peak volume of the contract is expected at 300 million cubic feet per day. (alex)