Page 9 - AsianOil Week 34

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SOUTHEAST ASIA AsianOil
inventory by exporting or processing them into otherproducts.”
Pertamina announced the news about its improved finances on the same day it revealed that it would miss its original time- table to plug an offshore oil leak that began in mid-July.
Upstream subsidiary Pertamina Hulu Energi (PHE)aimstosealtheleakingoilwellattheO - shore North West Java (ONWJ) Block by Octo- ber 8, missing the original target date by three days. PHE incident commander Tau k Aditi- yawarman said the delay was owing to technical challenges in drilling the relief well.™
Eni wins exploration block offshore Indonesia
PROJECTS & COMPANIES
A consortium led by Italian major Eni has won an o shore exploration block in Indonesia’s sec- ond bid round of conventional elds for 2019.
Eni will operate the 1,129-square km West Ganal block, which lies in the Kutei Basin o shore East Kalimantan, with a 40% stake. Indonesia’s state-owned Pertamina and UK-headquartered independent Neptune Energy each own 30%.
e West Ganal gross-split production-shar- ing contract (PSC) includes the Maha discov- ery, which has in place gas resources estimated in excess of 600bn cubic feet (16.99bn cubic metres). e licence lies next to the Eni-operated Jangkrik and Jangkrik NE elds, which are part of the Muara Bakau block in the Makassar Strait. Eni has a 55% stake in the Jangkrik complex, while Neptune owns 33.3% and Pertamina unit SakaEnergiholds11.7%.
e consortium has committed to drilling four wells in West Ganal during the rst explora- tion period, in addition to acquiring 600 square km of 3D and 600km of 2D seismic data.
Neptune Energy CEO Jim House said: “ is
award provides Neptune with further long-term growth opportunities in the strategically impor- tant Kutei Basin. e block has signi cant explo- ration potential, which can be commercialised via existing Jangkrik infrastructure.”
Eni started production from the Jangkik eld in May 2017, with volumes supplying both domestic buyers as well as the LNG export market.
e West Ganal award comes a month a er Neptune announced that it had to buy a 20% interest in the East Sepinggan PSC and a 30% stake in the East Ganal PSC from Eni.
At the time, Neptune said East Sepinggan’s fast-tracked, low-cost Merakes development was expected to be cash ow positive shortly a er start-up. It added that Merakes was being developed as a subsea tie-back to Jangkrik and would“provideanaturalhedgetoJangkrik”.East Ganal, meanwhile, is seen as providing longer- term exploration prospects in the Kutei Basin.
e transaction, which is subject to regula- tory approvals, is anticipated to be completed in the fourth quarter of this year.™
West Ganal lies next to the Eni-operated Jangkrik and Jangkrik NE elds. Image: Neptune Energy
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