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Companies > Energy Utilities Mining Sunday, 16 July 2006 10:43 AM HKT
CITIC Res Buys 51% Stake in Indonesian Oil Field
Posted 15 July 2006 @ 01:47 am HKT Print
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CITIC Res Buys 51% Stake in Indonesian Oil Field
CITIC Resources Holdings Limited announced that on July 11, CITIC Seram, an indirect wholly-owned subsidiary of the company, has agreed conditionally to acquire from KUFPEC a 51% participating interest in the benefits, rights and obligations of the contractor in the production sharing contract relating to the Seram Non-Bula Block, Indonesia, for a consideration of US$97.4 million ($759.7 million).
The Seram Non-Bula Block occupies an area of about 4,572 square kilometres. The principal field in the Seram Non-Bula Block is the Oseil Field. The average production in the first six months of 2006 was about 4,300 barrels per day (gross) of 15 to 21 API oil. The gross oil reserves of the Oseil Field have been estimated by independent technical advisers to be about 39 million barrels as at 31 December 2005, comprising 7 million barrels of proven reserves, 6 million barrels of probable reserves and 26 million barrels of possible reserves.
Under the production sharing contract, the contractor has been granted a 100% right to explore, develop and produce oil from the Seram Non-Bula Block until 2019. The current contractor comprises KUFPEC and Lion presently holding 97.5% and 2.5% respectively of the contractor's rights and obligations under the production sharing contract.
Upon completion of the transaction, CITIC Seram will own 51% participating interest in Seram Non-Bula, KUFPEC will own 30%, the third party company will own 16.5% and Lion will own 2.5%, respectively.
Mr. Kwok Peter Viem, Chairman of CRH said, “We are delighted to have the opportunity to invest in this production sharing contract with KUFPEC. This is CRH’s first oil project in Indonesia and it marks an important milestone for CRH in gaining exposure in the oil and gas sector in South East Asia and reinforces CRH’s position as the natural resources arm of CITIC Group.”
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