Jakarta ,15 December 2004 – Pacific Oil & Gas Ltd., an independent energy resource development company, announced that it has completed its acquisition of the 25% participating interest in the Jambi Merang Block PSC from YPF International S.A., a subsidiary of Repsol YPF.
The Jambi Merang JOB (Joint Operating Body) now comprises Pacific Oil & Gas (Jambi Merang) Limited (25%), Amerada Hess (Indonesia-Jambi Merang) Limited (25%) and Pertamina (50%). Assistant Operatorship has been transferred to Amerada Hess (Indonesia- Jambi Merang) from the previous Assistant Operator, YPF Indonesia. The Jambi Merang Block, located in South Sumatra, includes the Gelam field and the gas and condensate fields of Pulau Gading and Sun gai Kenawang.
Mr. Arthur Ling, the President of Pacific Oil & Gas Limited stated that this investment further demonstrates the company’s strong interest in Indonesia’s oil and gas sector.
The Gelam field has been in operation since 1998 under a unitization arrangement with ConocoPhillips. The development plan for the Pulau Gading field has been approved and is under implementation. Since then a second discovery of Sungai Kenawang has been made. The expanded development plan for both the Pulau Gading and the Sungai Kenawang fields is being finalized.
Pacific Oil & Gas Ltd. invests in energy projects along the energy value chain from upstream field development to LNG plants, receiving terminals, power plants and gas transmission lines.