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EMP owns 10% stake in Masela Block
JAKARTA: Domestic energy firm PT Energi Mega Persada has officially secured 10 percent stake in the gas-rich Masela block, after the company completed the payment of around US$100 million to the block operator, Japan’s Inpex Corporation, on Wednesday
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J
AKARTA: Domestic energy firm PT Energi Mega Persada has officially secured 10 percent stake in the gas-rich Masela block, after the company completed the payment of around US$100 million to the block operator, Japan’s Inpex Corporation, on Wednesday.
“Our ownership of the 10 percent stake in the block has been effective starting [Wednesday],” EMP’s investor relation Herwin W. Hidayat said Wednesday.
The Masela block is located in Arafura Sea, off Papua Island. Inpex found significant gas reserves in the Abadi field in the block and decided to build a floating liquefied natural gas (LNG) plant. EMP said the company and Inpex expected to begin the front end engineering and design (FEED) for the project soon.
Herwin said the acquisition of the block would boost EMP’s reserves from 226 million barrels of oil equivalent (mboe) to 567 mboe.
EMP is part of the Bakrie group. In the first nine months of 2010, the company produced 6,400 barrels of oil per day and 40.9 million cubic feet of gas per day. — JP
