JAKARTA (rambuenergy.com) – Triangle Energy (Global) Limited and their joint venture partner, the Acehnese Government have been awarded the Pase Production Sharing Contract (PSC) extension.
Triangle Energy announced that the Indonesian Special Task Force for Upstream Oil and Gas Business (SKK Migas) confirmed the PSC has been extended, effective from 24th February 2012, the date the original PSC expired.
It said the period of the extension is 20 years. The award of the PSC extension enables Triangle to execute its exploration program, which has been suspended during the past 3 years while it was temporary operator of Pase.
“Triangle looks forward to the opportunity to further demonstrate their proven success in exploration, development and operation of the Pase fields,” it said in a statement.
It added the Indonesian President Joko Widodo’s recent initiatives to open the Indonesian economy, encouraging investment and promoting energy development has provided Triangle with a huge opportunity as an established oil and gas operator within the country.
The Pase PSC is located in North Sumatra and presently encompasses 922 square kilometers. The oil and gas block was acquired from ExxonMobil in 1981 for a period of 30 years. The Pase field was discovered in 1983.The acreage has only been explored once and this was specifically for augmentation of gas supply to the Arun LNG plant.
Triangle said in its website that the company has identified significant remaining potential through the improvement of current gas production through work-overs, water handling and attic drilling as well as through the exploitation of shallow hydrocarbon discoveries.
The current production is from three wells, Pase A1, Pase A5 and Pase A6. The gas from the Pase field is predominantly sold through the Arun LNG plant at a premium price tied to a basket of crude oil markers. (*)