London outfit invests $15 million in Singapore oil and gas concern

3i, London equity and venture capital company, made a $15 million capital investment in Pearl Energy Pte. Ltd., Singapore independent oil and gas company.

Aug. 18, 2004

By OGJ editors

HOUSTON, Aug. 18 -- 3i, London equity and venture capital company, made a $15 million capital investment in Pearl Energy Pte. Ltd., Singapore independent oil and gas company.

Pearl owns interests in three producing properties in the Salawati basin, Salawati Island, and Jambi in Sumatra. Two new oil field development projects are under way in Sumatra and Thailand and should begin producing in 2005.

Pearl was established in 2002 with financial backing from PT Austindo Nusantara Jaya,

The Salawati assets in Papua province consist of a 20% stake in the PetroChina operated onshore Kepala Burung PSC Extension and an 11.111% stake in the Pertamina-PetroChina operated land/offshore Salawati Kepala Burung JOA.

Pearl also purchased joint operatorship and 30% working interest in the South Sumatra Jambi enhanced oil recovery project from ConocoPhillips subsidiary Gulf Canada Resources (Jambi EOR) Ltd.. Operatorship of the block is now under the Pertamina/Pearl Oil (Jambi) Ltd. JOB.

A Pearl Energy affiliate was to lead a technical team with members from Pearl Energy and Premier Oil PLC, London, to evaluate a 10,800-sq-km area in the Ragay Gulf off Luzon, Philippines (OGJ Online, Jan. 14, 2004).