Wednesday 22 October 2014
 
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PRODUCTION-SHARING CONTRACT

Mubadala Petroleum wins Indonesia deal

Abu Dhabi, March 21, 2013

 

The UAE-based Mubadala Petroleum, in partnership with Inpex Corporation, has been awarded the production sharing contract (PSC) for the West Sebuku block in Indonesia.
 
Mubadala Petroleum will be the operator of the project with a 75.5 percent interest, with Inpex holding the remaining 24.5 percent interest, a statement said.
 
The PSC was awarded by the Director General of Oil & Gas (Migas), the Ministry of Energy and Mineral Resources, Indonesia. The partners anticipate concluding detailed terms of the PSC in the near future, the statement said.
 
Mubadala Petroleum conducted a geological study over the area during 2012 and activity will now focus on the acquisition of 3D seismic data over the block.
 
The West Sebuku PSC is adjacent to the Sebuku PSC where Mubadala Petroleum is also the operator, through its affiliate Pearloil (Sebuku) Limited, and is developing the Ruby gas field in partnership with Inpex and Total.  First gas is expected from Ruby in the latter part of 2013.
 
Steve Peacock, chief operating officer, said: “The award of the West Sebuku PSC is a further extension to Mubadala’s Indonesia portfolio. It supports our strategy of finding and, if successful, developing gas for Indonesia’s growing domestic market and is located in close proximity to the infrastructure we are installing on the Ruby field.” 
 
The Ruby field development is progressing as per schedule, and most importantly has established an excellent project safety record with an achievement of more than 5 million man hours without recordable injury, the statement said.
 
A 312 km-long pipeline that will connect the Ruby platform to the Senipah onshore gas plant, operated by Total, is now complete. Construction of the two Ruby platforms, a tripod wellhead platform (WHP) and a four-leg production platform (PQP) are nearing completion.  Offshore installation and commissioning will commence in the second quarter 2013. 
 
Once on stream, gas from Ruby will be delivered to the buyer, PT Pupuk Kalimantan Timur, an Indonesian fertilizer company in supportof the National Food Security Program, the statement added. - TradeArabia News Service
 
 



Tags: Indonesia | Mubadala | PSC | Inpex |

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