(MENAFNEditorial)
JAKARTA April 13 2015–The government increases the share portion for PT Pertamina Hulu Energi ONWJ Ltd. (PHE) in the working area of Offshore North West Java (ONWJ) from 58.25% into 73.5% after the contract end in 2017.
Upstream Director of the Directorate General of Oil and Gas of the Energy and Mineral Resources (ESDM) Ministry Naryanto Wagimin said PHE would get the share portion of 73.5%. Meanwhile the company which becomes the partner in the oil and gas block is PT Energi Mega Persada Tbk. (ENRG) which would only get 24% after 2017 from previously 36.75%.
The remaining 2.5% shares will be owned by Risco Energy ONWJ Ltd. (Kufpec). “The extension is already confirmed” he said Friday (4/10/2015).
According to him the share portion increase for Pertamina is made to strengthen the national oil and gas company. Later on PHE ONWJ will still act as the operator. Meanwhile the contract period is extended for 20 years until 2037.
Right now the government and the entire shareholders in ONWJ are discussing the revenue sharing portion (split) for the state. He ensures the state will get the split portion increase after 2017.
The block’s oil and gas production reaches around 71000 barrels of oil equivalent per day (BOEPD) with the details of 40000 barrels per day for oil and 180 million cubic meters per day for gas.
The production may continue to increase with the highest production in 2022-2027 that reaches 84500 BOEPD. The descriptions would be 50000 barrels per day for oil and 200 million cubic meters per day for gas. Read more..
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