Thursday, March 6, 2008

Indonesia's Medco Group to Buy Stake in Natuna Gas Block

Medco Group says it is ready to buy from state-owned oil and gas company PT Pertamina more than a 10% stake in the giant gas block of Natuna D-Alpha, in Riau.
Pertamina has said this will open an opportunity for local companies to take part in the development of the block, believed to have one of the largest gas reserves in the word.
The block is estimated to have reserves of 46 trillion cubic feet of gas, but to have high carbon dioxide content of 70% that needs higher costs and technology. Pertamina said the project will cost up to US$52 billion.

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