US$100 million joint venture called Sampang PSC approved

Asia Bizz: The gas project led by Santos Ltd in Indonesia offshore East Java is now approved by the joint ventures involved for the development of the project.

The project is called Sampang PSC and its a US$100 million joint venture between Santos, Cue Energy Resources Ltd and Singapore Petroleum Sampang Ltd. Santos holds 45 per cent interest, Cue Energy Resources Ltd holds 15 per cent and Singapore Petroleum Sampang Ltd holds 40 per cent.

Cue Energy Resources Ltd in a statement said that the volumes of gas recoverable are assessed to be 118billion cubic feet(bcf). The share of Cue Energy Resources Ltd is 16 bcf, and this shows an increase of around 140 per cent of gas reserves.

The rates of the gross gas production from Wortel and Oyong are around 90 million standard cubic feet at plateau rates per day.

Sources: Bernama