First Gas from Natuna Gas Project, Offshore Indonesia

abarrelfullabarrelfull wrote on 03 Jan 2013 20:18
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15 Jan 2001

Premier is pleased to announce the commencement of deliveries of gas to Singapore from the West Natuna Gas Project located offshore Indonesia. This is six months ahead of the main contractual start for sales in July 2001 and is a milestone in the development of Premier's Far East gas business.

This achievement was celebrated at an opening ceremony today in Singapore attended by the Prime Minister of Singapore and the President of Indonesia.

Gas is being produced from the Premier operated Anoa gas field located in Natuna Sea Block A Production Sharing Contract Area ("PSC") and from fields in the Kakap PSC in which Premier also has an interest. The PSCs are located adjacent to each other some 500 km north east of Singapore in the West Natuna Sea. Both PSC groups have entered into arrangements to share production on an equal basis until the main contract starts in July.

Gas sales to Singapore's SembCorp Gas will continue for over twenty-two years. The gas will be sold on to various end users including SUT Co-Gen, Tuas Power and Exxon Chemicals. Initial deliveries are expected to build rapidly over the next few months to over 150 million standard cubic feet of gas per day (mmscfd). Thereafter gas sales volumes are expected to reach a plateau level of around 325 mmscfd. Over the life of the contract 2.5 trillion cubic feet of gas will be produced generating in excess of $8 billion in gross revenues (Premier has the largest stake at 28%).

Gas from the fields is exported by pipeline to Singapore through the 650 km West Natuna Transportation System.

Charles Jamieson, Premier Oil's CEO said,

"It is a huge achievement for Premier and its partners to have commercialised and successfully developed this major gas project so rapidly. The success of this project proves the validity of Premier's Asia Gas strategy in bringing undeveloped gas to new markets."

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