Two local companies to acquire ConocoPhillips?s interests in Kakap PSC: Source

A joint venture between two local companies, PT Star Energy and PT Kapital Nusantara, has won the bidding to acquire American energy giant ConocoPhillips' interests in Kakap production sharing contract (PSC), an industry source said Friday.

The source said the joint venture had submitted higher price than that proposed by its competitors in the bidding. The competitors are PT Medco Energi International and PT Elnusa.

He said however he had no idea how much the Kakap block interest was priced.

The source further said that he had no idea when the acquisition process would start.

ConocoPhillips owns a 31.25 percent operating interest in the Kakap PSC located in the Natuna Sea, approximately 480 kilometers northeast of Singapore. Current working interest production averages 2,900 barrels per day and 20.3 million cubic feet per day of gas. (godang)