- AP Photo
VIVAnews - Jakarta-based upstream oil and gas company PT Energi Mega Persada sells gas to state electricity company PT Perusahaan Listrik Negara (PLN) by US$4.9 per million metric British Thermal Unit (MMBTU). The deal will be signed by its subsidiary in Jambi, Sumatra.
"The gas volume being offered into contract reaching 4,990 billion British Thermal Unit (BBTU) at 6-year contract period which will be starting in May 2011," said Energi Mega Persada President Director, Imam P. Agustino, on Wednesday.
Imam said the agreement includes the escalating selling prices of gas by three percent per year. Gelam TAC Block in Jambi is expected to produce gas for PLN by October 2011 at mean production of 2.5 million cubic feet per day.
"We're hoping of being able to double gas prices in phases to up until US$4 per mmbtu within the next 24 months," he said.
Energi Mega through its subsidiaries fully controls Gelam TAC Block in Jambi, Sumatra. Along 2010, Gelam TAC Block produced almost 300 barrels of oil per day.
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