Total announced the signature of an agreement with Pearl Oil, a subsidiary of Mubadala Development Company PJSC, to acquire a 15% interest in the Sebuku license, in which the Ruby gas discovery was made. Under the terms of the agreement, Pearl Oil, as operator, will retain a 70% interest, Inpex holding further 15%.
Located 300 kilometers south of the Total-operated Peciko facilities, this license covers an area of more than 2,300 square kilometers, in water depths ranging from 50 to 200 meters. The Ruby plan of development was approved by the Indonesian authorities in July 2008 and the operator expects the field to come on stream in 2013, with a natural gas production target of 100 million cubic feet per day (around 1 billion cubic meters per year).
The acquisition will allow Total to consolidate its presence in the Kalimantan region, near the Mahakam and South East Mahakam licenses operated by the Group.
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