Kufpec Bought Conocophillips' Stake In Pangkah Block

abarrelfullabarrelfull wrote on 06 Jul 2012 10:56

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August 29, 2007

U.S. Production Sharing Contractor ConocoPhillips sold a 25% stake in Ujung Pangkah block for US$330 million to Kufpec, Upstream Oil and Gas Supervisory Agency”s Head of Public Relations Amir Hamzah said on Tuesday (08/28). “It”s a business to business deal,” he said.
Hess is still the operator of the block with 75% interest.

Ujung Pangkah block is located offshore East Java and pumps gas at 60 million cubic feet a day. Oil production is expected to start in 2009, with a peak production of 25,000 barrels a day. (***)

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