Triangle sets up Joint Venture for Pase block
Tuesday, July 30 2013 - 03:35 AM WIB
ASX-listed firm Triangle Energy Limited announced on Tuesday it has agreed on terms with the Aceh government owned company Perusahaan Daerah Pembangunan Aceh (PDPA) and will incorporate a joint venture company, Aceh Pase Global Energy Pte. Ltd. (APGE).
The signing of this Joint Venture is significant and creates a precedent in Indonesia. So far, Triangle is the first oil and gas company to partner with a company owned by the Aceh regional government.
APGE will be a Singapore incorporated company 75 percent owned by Triangle and 25 percent by PDPA. The company will work together with the Aceh government to facilitate the award of the Pase PSC via the Ministry of Energy and Mineral Resources.
The Joint Venture will be operated by Triangle.
Triangle Executive Chairman John Towner said, ?Triangle will be the first foreign company to form a Joint Venture with the Acehnese Government to manage an oil and gas field and we look forward to working closely with PDPA?.
?Triangle has been successfully operating the Pase Field since 2009 and will continue to act as operator of Pase until finalization of a new PSC. Once the application is processed and the new 30 year PSC is awarded, the APGE Joint Venture will take responsibility for the operation of the block.?
Editing by Dadan Wijaksana