Gulf Resources to Supply Petronas with Natural Gas
The parties to the MOU are Pertamina and Petronas. Approximately 73 percent of the natural gas required by Petronas will be supplied from the Corridor Block Production Sharing Contract (PSC) operated by Gulf Resources (Grissik) Ltd., with the remainder supplied from PSCs operated by other entities. The natural gas sales agreement is scheduled to be complete before the end of 2002, with first gas deliveries targeted for April 2005. Gas deliveries are expected to plateau at 300 billion btu's per day.
"This is a major step in the development of the Suban field, which will be the Corridor Block's primary supply source for the agreement. Approximately $150 million will be invested to develop new field facilities in the Corridor Block PSC. This announcement follows the signing of a MOU to sell gas to Batam in April this year and we hope to conclude one further major sale by year-end to the domestic market," said Andrew Hastings, vice president, Gas Marketing and Business Development, Gulf Indonesia.
Gulf Resources (Grissik) Ltd. holds a 54-percent working interest in the Corridor Block PSC and is contract operator for Pertamina. Other partners are Talisman (Corridor) Ltd. (36 percent) and Pertamina (10 percent).
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension