Mubadala gets Indonesian approval for gas field
Abu Dhabi, June 21, 2011
Abu Dhabi's Mubadala said on Tuesday its energy unit plans to develop a gas field in Indonesia with its partners, investing $500 million, its first project in the south Asian country.
The Ruby gas field won approval from Indonesia's upstream oil and gas agency, Mubadala said in a statement.
The field partners are Pearl Oil, a wholly-owned subsidiary of Mubadala's Pearl Energy, which will have 70 percent stake in Ruby, Total E & P Sebuku and Inpex South Makassar, with both 15 percent each.
The offshore development will comprise drilling four wells and related facilities and gas will be transported to shore via a 14-inch, 312 km pipeline to a receiving terminal.
The buyer of the gas is PT Pupuk Kalimantan Timur which operates a fertilizer plant nearby. Supply is expected to start in the latter part of 2013.
"Ruby is our first full-field, operated development project in Indonesia and as such it is an important project for us to have brought to the point of sanction," Barry O'Donnell, regional vice president, Mubadala Oil & gas and president, Pearl Energy said in the statement. - Reuters
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