PGN gains Ketapang stake

epa00985214 A victim of the Lapindo mudflow disaster shouts slogans during a rally outside the Presidential Palace in Jakarta, Indonesia, 17 April 2007, demanding compensation for their houses damaged in the disaster. Indonesian President Susilo Bambang Yudhoyono said he would take action against PT Lapindo Brantas Inc., the operator of the gas field blamed for the cause of the mudflow, if it failed to compensate the mudflow victims. The National Development Planning Board (Bappenas) has estimated that the losses caused by the mudflow from Lapindo Brantas gas operations in Sidoarjo, East Java, in the past nine months had reached Rp27.4 trillion, consisting of Rp11.0 trillion in direct and Rp16.4 trillion in indirect losses. EPA/MAST IRHAM

Indonesia: PGN has reportedly gained a 20% stake in the Ketapang Block

EPA/MAST IRHAM

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By Josh Lewis & news wires

 06 March 2013 04:44 GMT

Indonesian state-run energy company Perusahaan Gas Negara (PGN) has bought a 20% stake in the Ketapang Block in East Java.

According to Reuters, PGN revealed it had acquired the stake in the Petronas-operated block in a filing to the Indonesian Stock Exchange.

The Ketapang production sharing contract contains the Bukit Tua oil and gas field which is being developed using a wellhead platform and a leased floating production, storage and offloading vessel.

It has been previously reported that the Bukit Tua FPSO will be able to process up to 50,000 barrels per day of liquids and 70 million cubic feet per day of gas, as well as store up to 600,000 barrels…

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