Jakarta - PT. Pertamina Hulu Energi (PHE), a subsidiary of PT Pertamina (Persero) will release ownership of oil and gas blocks in Vietnam and Malaysia.
According to President Director of Pertamina Hulu Energi Mount Sardjono Hadi, Block SK 305 in Malaysia would be released after the decommissioning of the two in December. As for Block 10 and 11.1 in Vietnam is still awaiting approval of the state oil and gas authority. "We're going to take it all, in Vietnam we hold 10% and 30% in Malaysia," he said.
According to him, this decision is based on the economics of the project less attractive plus the condition of current crude oil prices. He explained that the decision to invest in overseas oil and gas blocks to be based on the study of potential subsurface (below the surface) and the surface (top surface) is quite promising economies. In addition, it also has to be supported by internal and external factors that interesting. Thus, Pertamina must be careful in investing in upstream oil and gas in other countries.
With the current conditions, he added, the decision of the oil and gas business development abroad is a sensitive issue. "Oil prices are not as attractive as it used to be a serious challenge that the economic conditions the company remains healthy," said Mount.
Block SK-305 is jointly managed by Pertamina, Petronas Carigali and PetroVietnam Exploration Production Corporation (PVEP) with operator PCPP Operating Company Sdn Bhd. Blocks 10 and 11.1 also managed jointly by the three national oil company. Only the operator of blocks held by Conson Joint Operating Company
According to President Director of Pertamina Hulu Energi Mount Sardjono Hadi, Block SK 305 in Malaysia would be released after the decommissioning of the two in December. As for Block 10 and 11.1 in Vietnam is still awaiting approval of the state oil and gas authority. "We're going to take it all, in Vietnam we hold 10% and 30% in Malaysia," he said.
With the current conditions, he added, the decision of the oil and gas business development abroad is a sensitive issue. "Oil prices are not as attractive as it used to be a serious challenge that the economic conditions the company remains healthy," said Mount.
Block SK-305 is jointly managed by Pertamina, Petronas Carigali and PetroVietnam Exploration Production Corporation (PVEP) with operator PCPP Operating Company Sdn Bhd. Blocks 10 and 11.1 also managed jointly by the three national oil company. Only the operator of blocks held by Conson Joint Operating Company
pvep.com.vn
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