No report on Masela participating interest transfer yet
JAKARTA: Government is yet to receive any official report regarding to a transfer of 30% participating interest in Abadi field, Masela block from Inpex Masela to Shell Upstream Overseas Services (I) Limited.On the other side, PT Pertamina still addresses
JAKARTA: Government is yet to receive any official report regarding to a transfer of 30% participating interest in Abadi field, Masela block from Inpex Masela to Shell Upstream Overseas Services (I) Limited.On the other side, PT Pertamina still addresses its intention to tap the bloc located in Arafura Ocean. The state controlled oil and gas producer has proposed its bid since last year.The transfer of participating interest happens to be a common transaction based on business to business principle yet, this transaction must be officially reported to government, said Director General in charge for oil and gas at the Ministry of Energy and Mineral Resource, Evita Herawati Legowo .Legally, there has not been any report. Verbally, Inpex has informed the transfer of participating interest. We also understand that Inpex needs Shells existence in that bloc merely due to its technology, she said yesterday.Nevertheless, based on Governmental Decree No.35/2004 on upstream oil and gas industry Section 33 Chapter 1, it is stated that a contractor can transfer part or the entire rights and obligation to other party after securing an approval from Minister of Energy and Mineral Resources along with the consideration of BP Migas.Chapter 2 stated that if the rights and obligation are transferred to non-affiliated company or to non-partner company with similar scope of work, Minister of Energy and Mineral Resources can ask contractor to firstly offer the bid to domestic companies.Regarding this, Evita did not explain whether or not minister of energy and mineral resource has asked Inpex to offer the transfer of participating interest of Block Masela to Pertamina as the domestic oil and gas company first.Pertamina VP Corporate Communication Mochamad Harun said the company still intends to penetrate Masela Bloc. We would like have 10% ownership in Masela. In order to realize this, Pertamina has sent an official request last year. We will send another letter now.Inpex Masela had signed the agreement on transfer of 30% participating interest to Shell Upstream Overseas Services on 22 July. Shell is the subsidiary of Royal Dutch Shell Plc. The transaction changed the stock ownership in the project where Inpex Masela controls 60% while Shell Upstream Overseas Services (I) Limited owns 30% and PT EMP Energi Indonesia manages 10%.Subsequent to such transaction, Energi Mega rose to the highest level in the past 20 months yesterday. Such stock jump was probably triggered by the stocks acquisition. During yesterdays closing, the ENRG-coded stock rose by IDR25 per share or 11.11% to IDR250 per share.According to the analyst at PT Mandiri Sekuritas, Raditya Christian Artono, the companys stocks must have risen as Shell had purchased the stocks at the highest price. Energi Mega owns 10% of the offshore exploration field. (03/14/15) (t02/msw)
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