Indonesia

In Indonesia, the Division has interests in four Production Sharing Contracts (“PSC”), namely:

• 100%-owned Northwest Natuna PSC operated by Genting Oil Natuna Pte Ltd (“GONPL”);
• 100%-owned Anambas PSC operated by Sanyen Oil & Gas Pte Ltd (“SOGPL”);
• 100%-owned Kasuri PSC operated by Genting Oil Kasuri Pte Ltd (“GOKPL”);
• 49.99%-owned West Salawati PSC held by Genting Oil Salawati Pte Ltd (“GOSPL”).

The Division also holds a Deferred Consideration under GOGL subsidiary Laila Limited that is due from BP Global Investments Ltd arising from its sale of the Muturi PSC (West Papua) to BP in 2001.

On the Northwest Natuna PSC (signed in 2004), studies on the Ande Ande Lumut (“AAL”) Oil Discovery were undertaken and various development options were studied. The AAL Discovery is estimated at around 50 million barrels of Contingent Resources. GONPL will work with BPMIGAS on an AAL Plan of Development in order to transform these resources into oil reserves and move towards production.

On the Anambas PSC (signed in 2004), studies were undertaken and an appraisal well planned for the Anambas Condensate Discovery.

On the Kasuri PSC (signed in 2008), GOKPL is moving ahead to undertake a large exploration programme that covers the onshore 2D seismic acquisition and the drilling of several exploration wells. The Kasuri Block is located onshore the Bomberai Peninsula in West Papua and is adjacent to the giant gas discoveries that are now being developed. The block surrounds and includes the Tangguh Liquefied Natural Gas (“LNG”) Plant, where gas from the immediate vicinity can be processed. The Kasuri Block is gas-prone and GOKPL has defined several prospects and leads that are expected to contain gas in the various Pre-Tertiary reservoirs that occur in the region.

On the West Salawati PSC (GOSPL 2005 farm-in), the operator PearlOil (Salawati) Limited acquired and processed 1,191km of offshore marine 2D seismic, acquired 97km of ocean bottom cable seismic data, and drilled the Cilipgo-1 exploration well which was abandoned with oil and gas shows.

The Division continued to monitor its future deferred consideration rights (under a 2001 contract with BP Global Investments Ltd) to long-term cash flows from the Muturi PSC in West Papua. This ‘Deferred Consideration’ will begin at the end of 2008 or early 2009, when the Tangguh LNG Plant begins producing and selling gas from the Muturi PSC. At the end of 2007, over 85% of the first two LNG Trains and related facilities had been completed. The Deferred Consideration has not been recognised in the financial statements as the economic benefits arising from the long-term future cash flows are not certain as at the end of the financial year and therefore cannot be quantified.


Office:

Genting Oil Natuna Pte Ltd/
Sanyen Oil & Gas Pte Ltd/
Genting Oil Kasuri Pte Ltd
Bapindo Plaza, Citibank Tower
25th Floor, Jl. Jend. Sudirman Kav. 54-55
Jakarta, 12190, Indonesia
T: +62 21 5273828
F: +62 21 5273827

Source: Genting Berhad Annual Report 2007
 

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