New high for Dagang NeXchange Bhd
KUALA LUMPUR: Globaltec Formation Bhd’s NuEnergy Gas Ltd (NGY) has received the Indonesian government’s approval to prepare the plan for its Tanjung Enim production sharing contract (PSC).
It said on Thursday NuEnergy Gas, which is listed on the Australian Securities Exchange, had got the nod from the Indonesian special task force for upstream oil and gas business activities, to prepare the initial plan of development for the PSC.
Globaltec said NGY would work with the Indonesian task force to prepare and submit the proposal to the Indonesia Minister of Energy and Mineral Resources before year-end.
NGY plans its development in two target areas, in the north and north-west of the Tanjung Enim PSC, where NGY has focused its exploration, drilling and pilot production activities over the last eight years, it said.
Globaltec said the target buyers be around the proposed development areas, which are close to the existing networks and markets with gas infrastructure.
NGY will carry out discussion with the target buyers and negotiate on gas sales agreements.
“This approval marks a significant milestone for Globaltec group of companies as we work towards delivering the group‘s first coal bed methane supply.
“Both the partners for the Tanjung Enim PSC, PT Pertamina, an Indonesian state owned oil and gas company and PT Bukit Asam, an Indonesian state owned coal mining company, have given their commitments to the preparation and to the long term development of the PSC,” it said.
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