Page 9 - AsianOil Week 09

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Pertamina farms in to Southeast Jambi Block
PROJECTS & COMPANIES
INDONESIA’S state-owned Pertamina has farmed in to a 27% stake in the Repsol-oper- ated Southeast Jambi Block onshore the island of Sumatra.
Subsidiary Pertamina Hulu Energi (PHE), which signed the farm-in agreement with Repsol on February 26, said it was eager to work with the Spanish major on developing the block. PHE’s vice-president of public relations, Ifki Sukarya, said Pertamina was in “intensive discussions” with Repsol and the government about investing in the work area.
PHE managing director Meidawati told local news service Kontan on March 2 that her com- pany had paid $135,000 for the stake. This was a proportional share of the original $500,000 signature fee that Repsol and Japan’s Mitsui Oil Exploration Co. (MOECO) paid in July 2018.
Indonesian upstream regulator SKK Migas signed the PSC with the partners, with Repsol holding a 67% operated stake and MOECO owning the remaining 33%, under the gross split model. Gross split PSCs remove the cost recov- ery mechanism that was a feature of contracts prior to 2016.
Following the signing of last week’s deal, Repsol’s interest will shrink 40% and it will remain the block’s operator. Meidawati said her company had entered the block in the hopes of boosting its production as well as PHE’s profits.
The Southeast Jambi PSC requires the part- ners to invest $4.65mn, acquire geological and geophysical data as well as carry out a 300-km 2D seismic survey.
“[We acquired] Southeast Jambi because this basin has potential yet to find promising
hydrocarbons,” Bisnis quoted Pertamina upstream director Dharmawan Samsu on Febru- ary 26 as saying. Samsu said the companies need to drill exploration wells in the block to prove its potential and that it was willing to assist Repsol in acquiring the necessary seismic data.
Samsu said the company was looking to acquire producing fields via overseas acquisi- tions, while its exploration focus was directed at domestic assets.
Pertamina revealed last month that PHE would begin exploring offshore Kepulauan Seribu regency, which lies to the north of Jakarta, from March.™
Uzma wins service contracts from Shell, Petronas
PROJECTS & COMPANIES
MALAYSIAN service provider Uzma has won two new contracts from Royal Dutch Shell and state-owned Petronas worth a combined MYR136mn ($32.3mn).
Uzma said on March 2 that Sarawak Shell had awarded subsidiary Uzma Engineering a MYR100mn ($23.7mn) contract to supply inte- grated plug and abandonment services across five wells at two Shell-operated platforms. The work will begin in April and is slated to end in November.
In separate announcement on the same day, Uzma said its subsidiary had also received a letter of award from state-run Petronas Carigali for the provision of well testing and tubing conveyed per- foration (TCP) services.
The company said the contract, worth MYR36mn ($8.5mn), would see Uzma Engi- neering perform lightweight well testing ser- vices during 2020-2021 in accordance with an August 26, 2019 work order. The work will be
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