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JAKARTA (rambuenergy.com) – RH Petrogas Limited, which is listed on Singapore Stock Exchange, said its wholly owned subsidiary Petrogas (Basin) Ltd. (PBL‖) has assumed the rights to operate the Kepala Burung Production Sharing Contract (PSC) located in West Papua from PetroChina International (Bermuda) Ltd (PetroChina‖).
Transition of the operatorship started in October 2015 and PBL has taken over as operator officially on Jan. 1, 2016. The Basin PSC currently produces approximately 3,700 barrels of oil equivalent per day net to the Group’s working interest.
RH Petrogas engaged in the business of exploration, development and production of oil and gas resources. RHP has producing, development and exploration blocks in Indonesia, China and Malaysia.
Since acquiring its interests in the Kepala Burung PSC in 2010, the company has participated and contributed actively to the technical evaluation and operations of the block as a non- operating partner.
RH Petrogas believes that by taking on the role of operator, it would be in a better position to further strategize and formulate the future plans of the block, in line with its strategic goals and interest.
Francis Chang, Chief Executive Officer of RH Petrogas, said: “The Kepala Burung PSC is an important asset of the Group. Taking over operatorship affirms our commitment to the block and to Indonesia. As Operator of the Basin PSC, the Group will be in a better position to lead, manage and execute our strategies for the block.”
“I also want to express my appreciation to members of both PetroChina’s and our transition teams, who have been working closely and tirelessly towards an effective transition and to minimize disruptions to operation. We look forward to working closely with our partners PetroChina and Pertamina for the benefit of all stakeholders,” he said.
RHP has an aggregate 60 percent working interest in the Kepala Burug PSC through two wholly owned subsidiaries PBL and RHP Salawati Basin B.V., PetroChina and PT Pertamina Hulu Energi Salawati Basin holds the other 30 percent and 10 percent working interests respectively.
The consortium, as contractor of Indonesian government operating under the supervision of SKK Migas has actively explored and produced oil and gas in the working area. In addition to operatorship of the Kepala Burung PSC, the Group operates the shallow heavy oil development project in the Fuyu-1 Block located onshore China, under a PSC signed with China National Petroleum Corporation.
In Malaysia, RH Petrogras is operator of the SK331 Block which covers a large 11,600 km2 exploration acreage onshore Sarawak. In Indonesia, the Group also holds an aggregate 33.2 percent non-operated working interest in the Salawati Kepala Burung (Island) PSC, and operated the West Belida PSC onshore South Sumatra which the Group has recently relinquished. (*)
