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Mubadala Awarded West Sebuku PSC in Indonesia

Source: 3/21/2013, Location: Asia

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Mubadala Petroleum announces that, in partnership with INPEX CORPORATION (INPEX), it has been awarded the Production Sharing Contract (PSC) for the West Sebuku block by the Director General of Oil & Gas (Migas), the Ministry of Energy and Mineral Resources. The partners anticipate concluding detailed terms of the PSC for the West Sebuku block in the near future.

Mubadala Petroleum will be the operator with a 75.5 percent interest, with INPEX holding the remaining 24.5 percent interest. Mubadala Petroleum conducted a geological study over the areaduring 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, commented: “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 developmentis 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 312 kilometer-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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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