Pertamina Hulu Energi has agreed to purchase the interest from ROC who will retain a 30 per cent participating interest and remain operator of the project.
The sale is subject to satisfaction of regulatory approvals, with completion expected in the third quarter of 2009.
Development of the BMG Gas Field involves the drilling of gas wells into the Manta and Gummy fields, the installation of a gas pipeline to join the Eastern Gas Pipeline and a new floating production storage and offtake vessel to replace the Crystal Ocean and Basker Spirit shuttle tankers, with a view to commence production in the second quarter of 2010.
ROC said that the route for the pipeline has been selected and approval has been requested. The 8 inch offshore section of the export pipeline has been procured and is in storage. Work is now underway to secure low cost installation vessels for oil and gas hook up campaigns.
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On completion of the sale, the BMG joint venture interests will comprise Anzon as operator with a 30 per cent interest, Beach Petroleum with 30 per cent, CIECO Exploration and Production with 20 per cent, Sojitz Energy Australia with 10 per cent and Pertamina with the remaining 10 per cent.
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