YPF Repsol sells interest in Jambi Merang JOB
Monday, December 13 2004 - 11:54 PM WIB
Spanish oil giant YPF Repsol has completed the sale of its 25 percent interest in Jambi Merang JOB to Pacific Oil & Gas for US$41 million, Madrid-based newspaper the Cinco Dias reported.
Jambi Merang is located onshore South Sumatra and contains the producing Gelam field and the Pulau Gading and Sungai Kenawang fields which are currently in the pre-development stage. The fields will enter production in 2006, the newspaper said.
Amerada Hess said earlier that it was in the process of becoming the new joint operator of Jambi Merang, replacing YPF Repsol following the sale of its interest.
Amerada Hess and state-owned oil and gas company PT Pertamina hold respectively a 25 percent and a 50 percent interest in the block.
Pacific Oil & Gas is a Hong Kong based company committed to energy resource development in Asia and is supported by industrial conglomerate RGM International. (*)