Salamander to Sell Stakes in Indonesia

- Salamander to Sell Stakes in Indonesia

Friday, September 02, 2011
Salamander Energy plc

Salamander has agreed terms with Risco Energy for the sale of Salamander Energy (Java & Sumatra) B.V. through which the Group holds five percent interests in the Offshore Northwest Java (ONWJ) and Southeast Sumatra (SES) PSCs respectively. The cash consideration is $55 million plus working capital adjustments of $1.3 million, with a further deferred cash consideration payable upon the buyer's participation in any extension of the ONWJ PSC.

Highlights

• Salamander has agreed to sell its five percent interests in the ONWJ and SES PSCs to Risco, with an effective date of 30th June 2011. The initial cash consideration for the transaction is $55 million plus working capital adjustments of $1.3 million. The deal is not subject to any additional approvals.
• In addition, a deferred cash payment is to be made upon confirmation of Risco's participation in the extension of the ONWJ PSC. The amount of the deferred payment will be dependent on the timing and level of participation in the ONWJ PSC extension. For a 5% participation, the payment will be capped at $4 million. The payment will be pro-rated to the 5% interest.
• Production attributable to the net 5% interests in the first half of 2011 averaged c. 6,000 boepd and proved and probable reserves attributable to the interests are estimated to be 13 million barrels of oil equivalent as at the mid-year 2011.

Background

The ONWJ and SES PSCs came into production in 1971 and are currently in long-term decline. The assets are currently operated by PT Pertamina Hulu Energi (ONWJ) and CNOOC SES Ltd. (SES).

• The PSCs are currently in their second extension phase, and are due to expire in January 2017 (ONWJ) and September 2018 (SES).
• The assets were originally acquired by the Group in the first half of 2006, since when the ONWJ and SES fields have produced approximately 12.5 million barrels of oil equivalent net to Salamander.
• During the first half of 2011, the interests generated approximately $6.3 million of cash flow post-tax and capex net to the Group.

James Menzies, Chief Executive, Salamander Energy, said, "We have realized excellent full cycle returns on the investment in these mature assets, and this is a timely moment for exit. The strategic motivation for this deal is to re-deploy capital from declining assets into operated, material growth projects where Salamander has influence."

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Indonesia After OPEC

- Indonesia After OPEC

Monday, August 15, 2011
Rigzone Staff
by Barbara Saunders

Back in 1990, former Indonesian OPEC minister Ginandjar made a jarring statement: his country would become a net oil importer and "have to drop out of OPEC" and also, that the large, multi-island Southeast Asian nation would have to diversify its energy sources to fuel its growing and modernizing population.

A few years ago, in 2008, Ginandjar's prediction came true as Indonesia pulled out of OPEC. Now, Indonesia's petro-regulatory agency BPMigas has confirmed that oil production is declining – but announced 10 new projects heavily tilted toward natural gas that should help with the energy diversification goal and Indonesia's continuation as a major LNG exporter.

The announced projects represent a total investment of $4.725 billion and are slated to come onstream between this year and 2014, the agency reported. Anticipated output is 1.750 million cubic feet of gas per day (MMcfd); 20,000 barrels oil per day (bpd); and 26,000 bpd of oil condensate, BPMigas spokesman Gde Pradnyana said in a statement.

"This reflects that the future of Indonesia's oil and gas industry will be dominated by gas," Pradnyana added. He emphasized that domestic markets, which are burgeoning with demand for gas, will get priority but did not rule out the possibility of exports.

The 10 projects are as follows:

Slated for First Production 2011 –
• Pengembangan Lapangan Jambi Merang, Pertamina-Talisman, Gas 155 MMcfd, Condensate: 12.50 bpd , 2Q 2011
• Ujungh Pangkah, Hess Indonesia & Pangkah, Oil 20,000 bpd, Gas 150 MMcfd 3Q 2011
• Gajah Baru, Premier Oil, Gas 210 MMcfd , 4Q 2011;

 

Slated for First Production 2012 –
• Terang Sirasun Batur, Kangean Energy Indonesia, Gas: 300 MMcfd 2Q 2012
• South Mahakam Phase 1 & 2, Total E&P Gas: 128 MMcfd; 5,900 bpd condensate, 3Q 2012

 

Slated for First Production 2013 -
• Ruby Gas Field Development, Pearl Oil and Sebuku, Gas 100 MMcfd, 3Q 2013
• South Belut, ConocoPhillips Indonesia, Gas 120 MMcfd, 1,000 bpd condensate, 4Q 2013
• Naga-Pelican, Premier Oil Natuna, Gas 130 MMcfd, 4Q 2013
• Sisi Nubi 2B, Total E&P Indonesia, Gas 350 MMcfd, 2Q 2013

 

Slated for First Production 2014 –
• Madura BD Deveopment, Husky Oil Madura, Gas Production 100MMcfd, Condensate 6,600 bpd, 4Q 2014

Meanwhile, the government reported recently that state revenues from the oil and natural gas sector, as of May 2011, has reached nearly US $14 billion, exceeding the state budget target by 39 percent or US $10.062 billion.

BPMIGAS chairman R. Priyono stated that as of July 2011, oil and condensate this year is estimated at 920 thousand bpd, while natural gas lifting is projected to reach 7.769 trillion Btu per day. Total lifting is proposed at 2.259 million barrels oil equivalent per day (boepd), changing from 2.31 million boepd.

"Average optimum production potentials as much as 920 thousand bpd may be achieved with fulfilled conditions, which are all new projects [being] completed on time," he said.

The Global Business Guide Indonesia commented, "The state oil and gas company Pertamina is targeting 1 million bpd by 2015 to once again make the country a net oil exporter; but this will be no easy task. The energy sector faces the challenge of meeting its export commitments, satisfying domestic demand and effectively leveraging its resources for economic growth."

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Pan Orient's Well All Wet in Indonesia

- Pan Orient's Well All Wet in Indonesia

Tuesday, August 02, 2011
Pan Orient Energy Corp.

Pan Orient reported that the SE Tiung-1 well, in which the Company holds a 97 percent working interest, is currently being plugged and abandoned at a true vertical depth of 5,973 feet. Oil shows and good quality sands were encountered within the primary Lower Talang Akar target horizon but wire line logging indicated the zone to be water bearing. The secondary objective of the Gumai and Upper Talang Akar formation sands were also present, but interpreted as being water bearing.

SE Tiung-1 was drilled on budget, but due to the repeated down time, rig repairs and resultant delays experienced during the drilling of Tuba Obi Utara-1 and SE Tiung-1, the decision has been made to release this drilling rig and defer the drilling of Betano-1 exploration well for cost and safety considerations.

Preliminary approval has been received for three additional wells planned for the Batu Gajah PSC (Tuba Obi Utara-2, Kemala-1 and Shinta-1) later in 2011, with final approval expected this week. The company is currently focused on accelerating the commencement of the drilling of these additional wells (two exploration wells and one appraisal well) with drilling to commence perhaps as early as October 2011.

The results at SE Tiung-1 have no bearing whatsoever on the prospectivity of the upcoming three well program and we remain confident in the overall hydrocarbon potential of the Batu Gajah PSC.

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Eni Makes Gas Discovery Offshore Indonesia

- Eni Makes Gas Discovery Offshore Indonesia

Thursday, July 28, 2011
Eni S.p.A.

Eni has made a new hydrocarbon discovery offshore Indonesia. As the operator, Eni has successfully drilled an exploration well on the Jangkrik North East structure, located in the Muara Bakau block Kutei Basin, east of Kalimantan, 15 Km from the Jangkrik field.

The Jangkrik North East discovery represents a significant success in Eni's exploration efforts in the Kutei Basin and further confirms the high potential of its portfolio in the area. The Jangkrik North East NFW is located approximately 70 kilometers from the coast of Indonesia and has been drilled to 3633m at a water depth of 460m.

The well contains more than 60m of net gas pay in excellent quality reservoir sands of Pliocene and Miocene age. During the production test, the well produced high quality gas at a tubing constrained rate of 30.6 MMscfd.

Eni, through its Indonesian subsidiary, is the operator of Muara Bakau PSC with a 55% interest. GDF SUEZ holds the remaining 45% interest in the project.

Overall, in Indonesia, Eni holds working interests in thirteen blocks, and operates seven of them. The offshore activities are located in the Tarakan and Kutei Basins, offshore Kalimantan, north of Sumatra West Timor and West Papua. In the Kutei basin, Eni is also participating in the development of the significant gas reserves located in the Ganal and Rapak blocks.

Other activities are located in the Mahakam River Delta, East Kalimantan, where Eni has an equity production of approximately 20,000 boed and has recently been awarded an interest in Sanga Sanga CBM, a new coal-bed methane production sharing contract (PSC) through its operated joint venture affiliate VICO CBM Limited (Eni 50%, BP 50%). The Sanga Sanga project would be the first LNG plant in the world to be supplied by CBM.

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MEO Acquires Interest in Indonesia

- MEO Acquires Interest in Indonesia

Tuesday, June 28, 2011
MEO Australia Ltd.

MEO Australia announced the expansion of its business portfolio by acquiring all of the shares in Transworld Seruway Exploration Limited (TSEL) which is the holder of a 100% participating interest in the offshore Seruway PSC, from Transworld Exploration Limited (TEL). Initial consideration for this acquisition is US $5.0 million cash. In the event of successful oil or gas development from the PSC, the acquisition arrangements provide for past cost recovery and net profit interest payments to TEL to be paid out of production revenue.

The Seruway PSC currently covers an area of 3,635 km2 and contains two gas discoveries (Gurame and Kuala Langsa) together with a number of exploration opportunities. The PSC is located close to the Arun LNG plant which has near term unfilled capacity. Under the acquisition arrangements, MEO has committed to acquire a 700km2 3D seismic survey and drill one exploration well in the PSC before the end of 2012. The PSC expires on December 11, 2014 and will be operated out of the Indonesian office that MEO acquired as part of the transaction.

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Premier IDs O&G Shows at Indonesia's Tuna Block

- Premier IDs O&G Shows at Indonesia's Tuna Block

Monday, June 27, 2011
Premier Oil plc

Premier updated its exploration and appraisal operations in Norway, Indonesia and Pakistan.

Grosbeak, Norway (Premier 20%)

The Grosbeak well 35/12-4 S, which spudded on April 24, 2011, has completed the drilling and testing of the primary well bore and will now be sidetracked to further delineate the extent of the Jurassic oil accumulation. The sidetrack is expected to be completed by the end of July.

Gajah Laut Utara, Indonesia (Premier 65%)

In Indonesia on the Tuna block, the Gajah Laut Utara-1 exploration well has reached a total depth of 4,688 meters in pre-Tertiary basement and is being plugged and abandoned with oil and gas shows. Oil shows were reported throughout a 350 meter thick succession of interbedded sandstones and shales in the Oligocene. However, logs suggest that the majority of these Oligocene sandstones are tight. One zone was sampled and gas was recovered. The well also encountered good quality water wet reservoir rocks within the Miocene sequence and source rocks within the Oligocene. A working oil and gas petroleum system has therefore been established on the Tuna block. The Ocean General rig will now move to drill the Belut prospect. Belut Laut is located approximately 10 kilometers north-west of Gajah Laut Utara, in a separate sub-basin and is an independent test of the petroleum system on the Tuna acreage. The results of the Belut well are expected in early August.

K-27, Pakistan (Premier 15.79%)

The K-27 exploration well, which spudded on April 4, 2011 in the Kadanwari block, has been successful, testing gas with a flow rate of 51.3 MMscfd through a 56/64 inch choke. The operator (ENI) plans to tie the well to the production facility by the end of the third quarter, delivering around 30 MMscfd.

Simon Lockett, Chief Executive Officer, commented, "The Grosbeak appraisal has provided valuable information and we look forward to the results of the sidetrack confirming the size of the oil reserves in the field.

"The Gajah Laut Utara well is the first exploration well drilled by Premier in the Tuna acreage and established the presence of a working petroleum system. We look forward to the results of drilling the Belut Laut prospect.

"In Pakistan, the K-27 test results are extremely positive providing additional resources and near term production to the Kadanwari asset."

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Indonesia Urged to Name Pertamina Operator of E. Natuna Block

- Indonesia Urged to Name Pertamina Operator of E. Natuna Block

Tuesday, May 31, 2011
Asia Pulse Pte Ltd.

The Indonesian government is urged not to hesitate in naming state oil and gas firm PT Pertamina as the operator of the East Natuna block for the national interest.

Executive director of Indonesian Resources Studies Marwan Batubara said Pertamina has repeatedly said that it is keen on being the operator of the giant gas block.

Marwan said he suspected the government tended to hand over the job to ExxonMobil, which is one of Pertamina's partners in the US $52 billion venture.

East Natuna block in the South China Sea of Riau, is believed to have a potential reserve of 222 trillion cubic feet of gas and 500 billion barrels oil with proven gas reserve of 46 trillion cubic feet.

The government has awarded the project to Pertamina but the company needs financially powerful partners with high technology as the Natuna gas is known to have high content of CO2.

Pertamina already signed an initial agreement with ExxonMobil and two other partners Total E&P Activities Petrolieries and Petronas.

The government has given Pertamina and its three partners until August to wrap up negotiations on commercial terms before a production sharing contract is signed.

(C) 2011 Asia Pulse Pte Ltd.

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Indonesia Official: BP to Invest $10B More over 10 Years

- Indonesia Official: BP to Invest $10B More over 10 Years

Friday, May 27, 2011
Dow Jones Newswires
by Joko Hariyanto

BP is committed to investing $10 billion more in Indonesia over the next 10 years, Gita Wirjawan, Indonesia's investment agency chief, said Friday.

"They will soon start exploration in Kalimantan and further develop the Tangguh project in Papua," Wirjawan told reporters.

BP Chief Executive Robert Dudley confirmed the commitment after a meeting with Indonesian President Susilo Bambang Yudhoyono.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Toyota Motor Said It Will Increase Production Capacity At Its Indonesian Plant

- Toyota Motor Said It Will Increase Production Capacity At Its Indonesian Plant



May 25, 2011

Toyota Motor Corp. (NYSE:TM) said it will increase production capacity at a plant in Indonesia in its first manufacturing investment deal since the earthquake in Japan as the company continues efforts to bring output operations back to normal.

Toyota plans to lift annual output capacity at Karawang to 140,000 vehicles, up from the current 100,000.

Toyota Motor has a potential upside of 14.4% based on a current price of $80.76 and an average consensus analyst price target of $92.4.

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Statoil Farms-In Blocks Offshore Indonesia

- Statoil Farms-In Blocks Offshore Indonesia

Tuesday, May 24, 2011
Statoil

Statoil has farmed in to three offshore exploration licenses in Indonesia, significantly expanding the presence in the country.

Statoil will acquire a 40% equity interest in a North Makassar Strait Production Sharing Contract (PSC) and a similar interest in two additional offshore PSCs (West Papua IV and Halmahera-Kofiau).

The three production sharing contracts (PSC) will be operated by Niko Resources Ltd.

Given exploration success, Statoil has the option to become the operator in the development and production phases.

"This is an early access opportunity that adds significant additional acreage to our portfolio," said Pål Haremo, senior vice president for Exploration.

"Our focus is to support Statoil's exploration strategy, by adding materiality to our existing portfolio in Indonesia and increasing Statoil's acreage position in general," he added.

The agreement signed includes one exploration well commitment for the North Makassar Strait PSC.

The agreement is effective from 1 January 2011, and is subject to governmental approval in Indonesia.

Statoil is already an operator in the Karama offshore PSC in Indonesia and partner in the neighboring Kuma PSC in the Makassar Straits.

Exploration drilling is planned for both these licenses in 2011.

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Eni Extends Footprint in Indonesia

- Eni Extends Footprint in Indonesia

Monday, May 23, 2011
Eni S.p.A.

In the 2nd Indonesian International Bid Round 2010, Eni has been awarded the 100% participation interest and operatorship of Block Arguni I located on and offshore in the West Papua Province, Eastern Indonesia.

The Block Arguni I covers an area of 5,386 square km in the Bintuni Basin, a mainly gas prone, prolific hydrocarbon province, with several giant gas discoveries already in production. The deal involves the drilling of 2 wells and the carrying out of 500 km of 2D and 200 square km of 3D seismic surveys during the first 3 years of exploration. The Tangguh LNG processing facility is located about 10 km west of the Arguni I acreage.

This award confirms Eni as one of the major oil companies committed to invest in E&P activities in Indonesia. Eni has recently made an important discovery at Jangkrik in the offshore Kutei (Muara Bakau PSC), which has been successfully appraised and whose POD is currently being submitted.

Eni has been operating in Indonesia since 2001. The company holds working interests in twelve permits and operates six of them. The offshore activities are located in the Tarakan and Kutei Basins, offshore Kalimantan, north of Sumatra and West Timor. In the Kutei Basin, Eni is also participating in the development of the significant gas reserves located in the Ganal and Rapak blocks.

Other activities are located in the Mahakam River Delta, East Kalimantan. Eni has an equity production of approximately 20,000 boed in this area and has been awarded an interest in Sanga Sanga CBM, a new coal-bed methane production sharing contract (PSC), through its operated joint venture affiliate VICO CBM Limited (Eni 50%, BP 50%). The coal-bed methane coming from Sanga Sanga would be liquefied at the Bontang plant, representing the first LNG facility to be supplied with CBM.

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EDITORIAL: Indonesia's Geological Prospects Not Enough

- EDITORIAL: Indonesia's Geological Prospects Not Enough

Friday, May 20, 2011
Knight Ridder/Tribune Business News

Most oil executives and hydrocarbon analysts agree Indonesia still has basins with large reserves and its geological prospect is quite attractive with the success ratio of oil prospecting among the highest in the world.

But that seems far from sufficient to woo new investors, as the steady fall in the country's oil and gas production and its decline from a major exporter into a net oil importer have proven. The upstream oil and gas regulatory body (BP Migas) itself acknowledged last week the average daily oil output during the first quarter was less than 900,000 barrels, far below the target of 970,000 bbl.

Last year, Indonesia also failed to achieve its output target of 965,00 bbl, lifting only 954,000 bbl.

Another piece of discouraging news, as purveyed by BP Migas executive Iwan Ratman, is that the implementation of 10 percent of exploration and production development projects this year fell behind schedule due to overlapping concession areas, arduous licensing procedures within regional administrations and land acquisition problems.

Even state oil company Pertamina suffered many delays in exploration works: It planned to drill 147 new wells this year but managed to complete only 25 wells in the first quarter. Worse still many producing fields suffered from unscheduled shutdowns, power-supply disruptions and damages to pipelines.

The three-day 35th annual oil and gas industry convention and exhibition of the Indonesian Petroleum Association which opened on Wednesday should be a great opportunity for the government and oil executives to thrash out the most pressing problems that stand between investors and the geological prospect.

The theme of the convention "Indonesia energy, growth, security and sustainability" fits well with the current situation Indonesia is facing within the hydrocarbon industry.

President Susilo Bambang Yudhoyono pledged at the opening of the 33rd IPA convention in 2009 to resolve regulatory, bureaucratic problems and lack of legal uncertainty that had affected the petroleum industry.

But there remained big concerns about uncertainty over cost-recovery regulations, corruption, interference by government agencies, the sanctity of contracts and the general regulatory structure of the upstream and downstream oil and gas industry. Legal and regulatory uncertainty and inefficient bureaucracy are especially inimical to investors in the upstream segment of the industry as this business involves high risks and requires big capital.

The hydrocarbon industry requires an even better investment climate now because most of the undiscovered, prospective basins are located in frontier, eastern areas.

The eastern regions have potentially big reserves that are not proven yet, but their prospecting requires sophisticated technology and huge investment, estimated at 10 times as large as those in Java and Sumatra, thereby involving bigger risks. Only by increasing proven oil and gas reserves will Indonesia be able to make its production sustainable and sufficient to meet its steadily rising consumption along with the constant expansion of its economy.

But the only way to enlarge its proven hydrocarbon reserves is to increase investment in exploration.

Copyright (c) 2011, The Jakarta Post, Indonesia / Asia News Network

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Indonesia Needs $34B in Annual Investment in Oil

- Indonesia Needs $34B in Annual Investment in Oil

Monday, May 16, 2011
Asia Pulse Pte Ltd

Indonesia needs up to Rp290 trillion (US $34 billion) in new investment in the oil and gas sector per year to prevent further decline in the country's oil output.

Shrinking production lately has been caused by a number of factors such as delay in investment for explorations for new reserves, analysts said.

Most of the producing oil field have been too old with production shrinking 12 percent per year, Sammy Hamzah, vice president of the Indoensian Petroleum Association said.

In addition, 70 percent of the production facilities have been told that that frequency of unplanned shutdown is higher, Sammy told the newspaper Investor Daily.

(C) 2011 Asia Pulse Pte Ltd.

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Exxon Finds 2nd Oil Field at Indonesia Cepu Block

Exxon Finds 2nd Oil Field at Indonesia Cepu Block

Monday, April 25, 2011
Dow Jones Newswires
by Andreas Ismar

ExxonMobil's Indonesian unit said it has discovered a second oil field at the Cepu Block it operates in East Java Province.

"Its similarity to the other Cepu fields provides confirmation of our exploration strategy on the block, and its proximity to Banyu Urip provides a good opportunity to advance development of this new oil discovery," Mobil Cepu Ltd. President Terry McPhail said.

The well is located about 14 kilometers from Banyu Urip, the first oil field found on the Cepu block in 2001.

The company will analyze data from the newly found Kedung Keris-1 field to evaluate the resource potential of the reservoir.

Mobil Cepu and Ampolex (Cepu) Pte. Ltd., both subsidiaries of Exxon Mobil, have a combined 45% stake in the block, while Pertamina EP Cepu owns 45% and the Cepu Block Cooperation Body, or BKS, holds the remaining 10%.

BP Inks 4 CBM Production Sharing Contracts in Indonesia

BP Inks 4 CBM Production Sharing Contracts in Indonesia

Friday, April 01, 2011

BP plc

BP has signed four new coalbed methane (CBM) production sharing contracts (PSCs) in the Barito basin of South Kalimantan, Indonesia.

BP and co-owner Pertamina were jointly awarded the Tanjung IV CBM PSC through a direct award from the Government of Indonesia. BP will hold a 44 percent participating interest in the PSC with Pertamina holding the remaining 56 percent.

BP and co-owner PT Sugico Graha (Sugico) were jointly awarded the Kapuas I, II and III CBM PSCs through a direct offer from the Government of Indonesia. BP will hold a 45 percent participating interest in the PSCs with Sugico holding the remaining 55 percent.

Bob Dudley, BP group chief executive, said, "Today's agreements follow on from BP's recent agreements to access new resources in Indonesia, China, India and Australia. BP has significant experience and expertise in the development of unconventional gas, including coalbed methane, and we look forward to working with our partners to apply this to the potential of Indonesia's coal resources."

Together, the four PSCs cover an area of approximately 4,800 square kilometers.
"BP is very pleased to be extending our working relationship with Pertamina in the development of Indonesian CBM resources, and also to cooperate with Sugico in creating a material CBM position in a highly prospective basin. These four PSCs complement BP's existing CBM position in Indonesia, allowing us to leverage our 30-plus years of CBM experience to deepen our portfolio in Kalimantan," said William Lin, BP's President of Asia Pacific Exploration & Production.

These awards mark BP's first CBM access in Indonesia outside its joint venture with ENI, VICO, which in late 2009 was awarded the Sanga Sanga CBM PSC near the Bontang LNG plant in East Kalimantan.

TGS Commences Reprocessing Program Offshore Indonesia

TGS Commences Reprocessing Program Offshore Indonesia

Thursday, March 31, 2011

TGS-NOPEC Geophysical Co. ASA

TGS has commenced an extensive multi-phase reprocessing program of 2D seismic data located in the Makassar Strait, Indonesia. The first phase consists of 2,700 km of seismic data in the Northern Mahakam Delta.

The original and reprocessed data support the exploration potential of the deepwater area of the Mahakam Delta. Interpretation of the seismic data since 2001 has demonstrated potential hydrocarbon prospectivity in the basin, resulting in the award of exploration acreage and the drilling of several exploration wells. Partial relinquishment of the exploration blocks have also recently created opportunities for new exploration in the area.

The data will be reprocessed with customized techniques to enhance imaging of the main structures and reservoir targets in the basin. The reprocessed data is intended to enhance definition of Direct Hydrocarbon Indicators (DHIs) and Amplitude Versus Offset (AVO) anomalies associated with turbidite reservoirs seen on the original 2D seismic data.

Data from this initial phase of reprocessing will be available for clients in 3Q 2011. This project is supported by industry funding.