Malaysia’s Genting Oil seeking to farm-out its Kasuri Block in West Papua

JAKARTA (rambuenergy.com) – Genting Oil Kasuari Limited, a subsidiary of Malaysia’s Genting Berhad is reportedly seeking to farm-out its Kasuri Block in West Papua.

Djoko Siswanto, director for Upstream Oil and Gas Business (Migas) at the Energy and Mineral Resources Ministry (ESDM) said Genting is currently seeking partner to develop the block.

“Genting Oil wants to farm out (the block), part of the stakes would be sold,” Djoko was quoted by Kontan daily as saying.

The Malaysian oil and gas company was seeking a partner following the discovery of huge oil reserves at the block.

Director General for Oil and Gas I.G. N. Wiratmaja Puja said the gas reserves in the Kasuri Block reaches around 1.8 trillion cubic feet (TCF) with gas production potential of 80-100 million standard cubic feet per day 80-100 mmscfd.

Djoko said Genting Oil has recently submitted permit to allow the company to sell portion of its interest in the block.

Wiratmaja said the gas from Genting could be used to supply gas needs of planned petrochemical plants in Bintuni area. A number of investors have expressed interest to build petrochemical plants in Bintuni area, near major gas projects.

Genting Oil has two years before 2017 to submit plan of development (PoD) to bring Kasuri block into production phase.

The Kasuri Block, which covers an area of 3,534 sq km onshore the Bomberai Peninsula in West Papua, is immediately adjacent to the offshore Tangguh Gasfields.

Genting was awarded the Kasuri block by the Indonesian government in 2008. A major gas discovery was made in 2011 following intensified exploration works.

In Indonesia, Genting Oil and Gas Limited (GOGL) has interests in three other PSCs: the Anambas PSC (100 per cent), the Northwest Natuna PSC (100 per cent) and the West Salawati PSC (49.99 per cent). (*)