Indonesia′s BNI in Agent Deal With Mahakam Energy Firms

26 Februar, 2013 | Source: The Jakarta Globe

Bank Negara Indonesia, the country’s fourth-largest lender by assets, on Monday signed a deal to help handle $18 billion in sales for Pertamina, Inpex and Total E&P Indonesie on the Mahakam oil and gas block.



Bank Negara Indonesia has been named as the paying agent for liquefied natural gas and liquefied petroleum gas from the Mahakam block in East Kalimantan, according to upstream regulator SKMigas.

The deal was signed by BNI president director Gatot M. Suwondo, Pertamina finance director Andri T. Hidayat, Total E&P chief executive Elisabeth Proust, and Inpex executive Hiroshi Sato.

Rudi Rubiandini, chairman of SKMigas, said that under the deal all gas contracts from Mahakam will be paid through the sellers’ account at BNI.

“The value of the gas sale is estimated at $18 billion in ten years,” he said in a statement.

Energy and Mineral Resources Minister Jero Wacik said last week that state energy company Pertamina would likely control a majority stake in the block.

“The national interest remains our top priority,” Jero had said.

Total E&P has a 50 percent participating interest in the block, while Japan-based Inpex controls the remainder. Total E&P’s contract expires in 2017.

The government has been under pressure to give Pertamina the right to operate the block, but Total E&P has asked the government to provide certainty over its fate, as it planned to invest millions of dollars for further development.

 

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