- AP Photo/Surgei Chuzavkov
VIVAnews - A subsidiary of state-owned oil and gas PT Pertamina, PT Pertamina EP Cepu, is assigned gas field operator of Jambaran (under Cepu production sharing contract) - Tiung Biru (Pertamina EP production sharing contract). The company said it promises to reduce the gas management costs to US$ 900 million.
Pertamina Vice President Corporate Communications Mochamad Harun said Pertamina EP has taken over the development and integration of the Jambaran and Tiung Biru gas fields in that the gas upping could be more focused and efficient. Meanwhile, ExxonMobil is expected to focus in developing oil in Cepu.
"Jambaran is part of the Cepu Block, and next to it is Tiung Biru. The development of these blocks is what is put into synergy," said Harun, in Jakarta, on Friday.
"The previous bid proposed for the field was US$ 2.1 billion. Should Pertamina EP of Cepu later run the field, the offer would be set at US$ 1.2 billion. Since Pertamina controls Jimbaran field operator, the required costs will be lower especially regarding the employment of expatriates," he explained.
According to Harun, the Jambaran gas proven reserves were found to reach 1.1 trillion cubic feet (TCF). The Jambaran gas field would conceivably be on stream by early 2015 with 200 million cubic feet a day of estimated production.
Meanwhile, with regard to the exploration of the East Natuna Block, Pertamina along with ExxonMobil, Total and Petronas have signed the Principles of Agreement (PoA).
Director General of Oil and Gas, Evita Legowo stated this PoA is aimed at pressing on the process of preparing East Natuna production sharing contract which will be signed afterwards.
East Natuna gas is estimated to contain 46 trillion cubic feet of gas reserves.
Pertamina Director of Upstream Muhammad Husein said Pertamina wanted the production sharing contract (PSC) between Pertamina and ExxonMobil, Total and Petronas to be resolved by the end of October.
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