IEV Hldgs: To directly enter into O&G exploration. Subsi PT IEV Gas has been awarded its very first onshore oil and gas agreement by Pertamina EP, an upstream sector subsi of PT. Pertamina (Persero) under the KSO agreement. Finalisation of the KSO agreement by state-owned BPMIGAS and PT Pertamina is expected to be completed in 2Q2012. IEV Gas is appointed to commercialise Pertamina EP’s operation area and obtains compensationthrough a ‘split’ in oil and natural gas production. IEV Gas is to recover all costs incurred in the project before the remaining balance is shared between BPMIGAS, Pertamina EP and IEV Gas. IEV Gas will undertake the exploration and production activities during the 15 yr concession period. Experts will be engaged to determine the reserves and certify them. First production only to begin in 2H2013.
The block to be explored is 89km east of Jakarta and is a total of 77.0 sq km. The KSO agreement is to optimise exploration, development and production assets within Pertamina EP’s operating areas.
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