Inpex Submits Masela Block PoD
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21 June 2019 11:21 WIB
TEMPO.CO, Jakarta - Inpex Corporation has submitted the final proposal for the Masela Block's plan of development (PoD). Inpex handed over the PoD to the Upstream Oil and Gas Business Activities Special Task Force (SKK Migas) yesterday, June 19.
Inpex said the PoD was constructed in accordance with the scheme to develop onshore LNG fields with a capacity of 9.5 million tons per year.
Related: Inpex Seeks 20-year Extension at Masela
The PoD is a follow-up to the head of agreement (HoA) of Masela Block's development, which was signed on June 16.
"The points of the HoA, such as estimated costs, profit-sharing contracts, and financial conditions, are also included in the revised PoD submitted," Inpex Masela Ltd. president Shunichiro Sugaya said in a written statement.
Inpex and Shell Upstream Overseas also submitted a proposal for a 20-year contract extension and a contract amendment for additional seven-years of contract extension. The seven-year addition is to compensate for the time spent studying the block's development under the initial scheme, which was offshore.
SKK Migas chief Dwi Soetjipto hopes that the revised PoD of Masela Block can be ratified later this month. "Once it is reviewed by SKK Migas, we seek approval from the [Energy] Minister," he said after signing the HoA.
VINDRY FLORENTIN
