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PGN now controls Kepodang Gas Block

05 February 2020 10:09

JAKARTA - Saka Energi Muriah Ltd, a subsidiary of PT Perusahaan Gas Negara Tbk (PGAS) or PGN, officially took 80% of production sharing contract (PSC) in Kepodang Gas Block from Petronas Carigali Muriah Ltd.

Now, Saka Energi is the operator of the gas block located off the coast of East Java with 100% ownership.

Corporate Secretary of PGN, Rachmat Hutama said that the takeover was officially agreed on 31 January 2020 through the signing of the Deed of Assignment (DoA) between Saka Energi Muriah and Petronas Carigali.

This transaction began when Petronas Carigali gave notice to Saka Energi about its decision to back off from the Muriah working area on 18 December 2019. Previously, Saka Energi only controlled 20% of Muriah's PSC.

"Petronas Carigali remains responsible for obligations arising before its decision to back off and give away its participation rights," he explained in an official statement. (ARM/AR)

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