KUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas) is considering potential partners to develop the Kepodang field in Indonesia.
In a statement Monday, April 4, Petronas said it was in discussions with the Indonesian authorities and other stakeholders pertaining to the matter.
Petronas said this in response to a report on April 1 citing R. Priyono, chairman of the Indonesian oil and gas regulator BPMigas, as saying that Petronas would pull out from developing Indonesia's Kepodang offshore oil and gas block as it had 'other priorities.'
Developing the block would have required an investment of US$300 million to US$400 million, Priyono was reported to have said.
Petronas through its subsidiary Petronas Carigali Overseas Sdn Bhd acquired the entire interest in Indonesia's Muriah PSC in 2004 and is currently developing the Kepodang field in the PSC area to supply gas to the Tambak Lorok power plant in Central Java.
Petronas said the Gas Sales and Gas Transportation Agreements were being progressed and are expected to be concluded this month.
Petronas said it would continue with the development of Kepodang in line with its Production Sharing Contract commitment.
'Like other oil and gas companies, Petronas continues to review the company's investment portfolio worldwide to ensure and enhance sustainability and profitability.
'In line with this, Petronas is considering potential partners for the Kepodang field. Petronas is now in discussion with BPMIGAS and other stakeholders to arrive at an equitable solution that brings value to all parties involved,' it said.
In a statement Monday, April 4, Petronas said it was in discussions with the Indonesian authorities and other stakeholders pertaining to the matter.
Petronas said this in response to a report on April 1 citing R. Priyono, chairman of the Indonesian oil and gas regulator BPMigas, as saying that Petronas would pull out from developing Indonesia's Kepodang offshore oil and gas block as it had 'other priorities.'
Developing the block would have required an investment of US$300 million to US$400 million, Priyono was reported to have said.
Petronas through its subsidiary Petronas Carigali Overseas Sdn Bhd acquired the entire interest in Indonesia's Muriah PSC in 2004 and is currently developing the Kepodang field in the PSC area to supply gas to the Tambak Lorok power plant in Central Java.
Petronas said the Gas Sales and Gas Transportation Agreements were being progressed and are expected to be concluded this month.
Petronas said it would continue with the development of Kepodang in line with its Production Sharing Contract commitment.
'Like other oil and gas companies, Petronas continues to review the company's investment portfolio worldwide to ensure and enhance sustainability and profitability.
'In line with this, Petronas is considering potential partners for the Kepodang field. Petronas is now in discussion with BPMIGAS and other stakeholders to arrive at an equitable solution that brings value to all parties involved,' it said.
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