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PetroChina bags Ramba Energy service contract

PetroChina bags Ramba Energy service contract

Singapore: Ramba Energy, which diversified earlier this year from the provision of inland logistics services into the exploration and production of oil and gas - together operator Hexindo- today inked a Technical Assistance Agreement with PetroChina International Jabung for the provision of oil and gas technical services for Ramba Energy's latest asset, the Lemang Block located in the Jambi and Riau Provinces of Sumatra, Indonesia.

Ramba Energy announced on 6 October 2009 its conditional acquisition of 41% participating interest of a production sharing contract ("PSC") for the exploration and development of the Lemang Block for a purchase consideration of $7m.

PC Jabung is a subsidiary of PetroChina, the largest oil and gas producer and distributor in the PRC and one of the largest oil companies in the world.

"The latest agreement with PC Jabung will bring PetroChina's invaluable expertise and technology to the development and operation of the Lemang Block," says Aditya Wisnuwardana Seky Soeryadjaya, exec director and ceo of Ramba Energy.  On top of the expertise and technology, with PetroChina's Jabung field just to the south of the Lemang Block, we can expect to benefit the Lemang Block in terms of time, cost and economies of scale."

Approximately 3,890 square km, the Lemang Block is a green field exploration block located about 83km northwest of Muarabungo Town, Riau Province in South Sumatra, Indonesia. Based on a joint study with Hexindo and the Institut Teknologi Bandung, the Lemang Block is expected to have Original Oil in Place of approximately 190 million barrels of oil and Original Gas in Place of approximately 180 billion standard cubic feet. The expected economic value for the Lemang Block is approximately $187.7m, comprising $172.3m for oil and $15.4m for gas.

 In September 2009, Ramba Energy also entered into a conditional sale and purchase agreement to acquire a 70% participating interest in the Technical Assistance Contract covering the Jatirarangon gas producing field located in Cikarang, West Java, Indonesia, for a purchase consideration of S$14.0 million. The Jatirarangon field started commercial production in October 2004, and currently supplies gas to PT Perusahaan Gas Negara (Persero).  [13/10/09]