Pertamina buys stake in BMG project off Victoria

Sydney-based Roc Oil Co. Ltd. sold 10% interest in the Basker-Manta-Gummy (BMG) joint venture project in Bass Strait off eastern Victoria to a subsidiary of Indonesia's state-owned Pertamina for $31.5 million.

May 29, 2009

2 min read

Rick Wilkinson
OGJ Correspondent

MELBOURNE, May 29 -- Sydney-based Roc Oil Co. Ltd. sold 10% interest in the Basker-Manta-Gummy (BMG) joint venture project in Bass Strait off eastern Victoria to a subsidiary of Indonesia's state-owned Pertamina for $31.5 million.

The sale, which is conditional on Australian government approvals, involves field interests covered by production licenses Vic/L26, L27, and L28 in the Gippsland basin. It will strengthen ROC's balance sheet by reducing debt and future development commitments for the BMG project.

The effective sale date is Apr. 1; completion is expected in the third quarter.

Roc recently said it will begin its 2009 oil development program in the fields in June, including workovers of the Basker-3 and Basker-5 wells.

Current oil flow is 8,200 b/d via subsea wells connected to the Crystal Ocean floating production, storage, and offloading vessel and the Basker Spirit storage tanker.

The program will include engineering for the second phase of the gas development project at the fields. ROC wants to finalize details of FPSO facilities, subsea production, and pipeline installation.

ROC is operator following its takeover of Anzon Australia last year and will retain 30% interest. Other interest holders are Beach Petroleum Ltd. 30%, Itochu Oil Exploration Co. Ltd. (CIECO) 20%, and Sojitz Energy Corp. 10%.