Pertamina Acquires Southeast Jambi Oil and Gas Block

PT Pertamina (Persero) assigned a subsidiary of PT Pertamina Hulu Energi Southeast Jambi as one of the holders of 27% participating interest / PI in the Southeast Jambi Work Area.

With Pertamina's participation in the management of the Work Areas operated by Repsol Exploration South East Jambi B.V, it is expected to be able to support the company in achieving a production target of 923,000 boepd this year. 

Repsol

    VP Relations of PT PHE Ifki Sukarya said the acquisition of 27% PI from Repsol as stipulated in Government Regulation No. 35/2004 concerning Upstream Oil and Gas Business Activities.

Ifki Sukarya

"Participating interest acquired by 27% of the Repsol portion was 67%," he said.

the Take over Participating interest

The takeover was marked by the signing of the collaboration by Southeast Jambi PHE Director Abdul Mutalib and Repsol Exploracion South East Jambi General Manager Greg Holman in Central Jakarta, Wednesday (26/2).

"This cooperation is the beginning of the partnership activities that will be carried out by Pertamina's Upstream Directorate. Going forward, Pertamina will continue to look for opportunities to work with other Cooperation Contract Contractors (KKKS) to achieve Pertamina's production target of 925,000 boepd by 2020, "Ifki explained.

The Southeast Jambi Block

The Southeast Jambi Block is one of seven oil and gas blocks auctioned under a direct bidding scheme in the first phase of 2018. Initially, Talisman West Bengara B.V teamed up with MOECO South Sumatra Co., Ltd to form a consortium to develop the block. 

    However, Repsol acquired Talisman so that the contract was signed by the Consortium of Repsol Exploration South East Jambi B.V and MOECO Southeast Jambi B.V Repsol on 17 July 2018.

Bisnis Indonesia, Page-23, Thursday, Feb 27, 2020