(EnergyAsia, February 20 2012, Monday) — Singapore-listed offshore contractor IEV Holdings is venturing into oil and gas exploration after being awarded a concession by Indonesian state-owned upstream company Pertamina EP.
Subsidiary IEV Gas accepted the award of an “operation cooperation” programme for the Pabuaran onshore block on February 16, with completion of the terms expected in the second quarter subject to the agreement’s executions.
Covering an area of more than 77 sq km, the block to be explored and developed over a 15-year concession period is located 90 km east of Jakarta in the Subang district in West Java. First production is targeted for the second quarter of 2013.
Christopher Do, IEV’s CEO and President, said:
“This award represents our first step towards implementing IEV’s vision to become a complete energy company with upstream, mid-stream and downstream activities.
Besides oil production, the group will have a secure and competitive source of feed gas supply to grow its mobile natural gas sector and increase the volume of energy supplied in Java Island.
“The volume of gas produced enables IEV to build mini LNG and CNG supply chains to supply natural gas to off-pipeline power and industrial customers, as well as help to fulfil the emerging needs of the transport sector as the government of Indonesia is committed to develop its natural gas vehicle programme throughout Indonesia in the coming years.”