Total acquires interest in Sebuku off Kalimantan

Total SA signed an agreement with Mubadala Development Co. PJSC subsidiary Pearl Oil (Sebuku) Ltd. to acquire a 15% interest in the Sebuku license, in which the Ruby natural gas discovery was made.

Sept. 30, 2010

By OGJ editors
HOUSTON, Sept. 30 -- Total SA signed an agreement with Mubadala Development Co. PJSC subsidiary Pearl Oil (Sebuku) Ltd. to acquire a 15% interest in the Sebuku license, in which the Ruby natural gas discovery was made.

Under the terms of the agreement, Pearl Oil, as operator, will retain a 70% interest. Inpex Corp. unit Inpex South Makassar Ltd. holds the remaining 15% interest.

Sebuku, which lies 300 km south of the Total-operated Peciko facilities, covers more than 2,300 sq km and lies in 50-200 m of water.

Indonesia approved Ruby’s development plan in July 2008. Pearl Oil expects the field to come on stream in 2013 with a target production of 100 MMcfd of gas.

“The acquisition will allow Total to consolidate its presence in the Kalimantan region, near the Mahakam and South East Mahakam licenses operated by the group,” the French company said.