United States oil producer ExxonMobil has set a price of US$ 121 million for state owned energy giant Pertamina to acquire its 45 percent participating interest in the Jambaran-Tiung Biru (JTB) field in Central Java.
At present, the JTB field is jointly ownedby several parties, including Pertamina subsidiary PT Pertamina EP Cepu (PEPC) with 45 percent interest and local government-owned enterprises with 10 percent.
ExxonMobil holds the remaining 45 percent shares. The Energyand Mineral Resources Ministry has mandated PEP( to take over ExxonMobil’s stake in the JTB field, slated to be on stream in 2020 with a total investment value of $ 1.55 billion.
"ExxonMobil has stated that its participating interest is worth $ 121 million and we're still evaluating it,” Pertamina upstream director Syamsu Alam said Wednesday in Jakarta.
The JTB field is expected to produce at least 172 million standard cubic feet per day (mmscfd) within a period of 16 years, 100 mmscfd of which will be sold to state electricity firm PLN for $ 7.6 per million British Thermal Units (mmbtu) to support the company’s operations in Gresik, East Java.
Jakarta Post, Page-14, Saturday, August 19, 2017
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