Thai PTTEP forms units for Indonesian upstream activities
Friday, October 27 2006 - 11:50 PM WIB
Thailand's PTT Exploration & Production PCL (PTTEP) has established two Indonesia-related subsidiaries to carry out petroleum exploration and development activities, the company said in a statement on Friday.
The subsidiaries are PTTEP Indonesia Company Limited and PTTEP Bengara I Company Limited. Each unit?s fully-paid up registered capital is US$50,000, consisting of 50,000 ordinary shares at US$1.00 each. PTTEP Indonesia is 100 percent owner of PTTEP Bengara I.
The Bengara I is an onshore exploration block in East Kalimantan.
According to PT Medco Energi Internasional?s website, MedcoEnergi holds a 95 percent of working interest in the block, while Satria Energindo holds the remaining balance. (Robert)