Oilfields development
Indonesia Approves Inpex's Development Plan for Masela LNG
Indonesia has approved a development plan for a liquefied natural gas floating terminal project run by Japan's biggest oil and gas explorer Inpex Corp, a senior energy official said on Monday. Indonesia has approved a development plan for a liquefied natural gas floating terminal project run by Japan's biggest oil and gas explorer Inpex Corp, a senior energy official said on Monday. The floating LNG project will have capacity of 2.5 million tonnes per year, lower than a previously proposed capacity of 4.5 million tonnes, said Evita Legowo, director general of oil and gas at the energy and mineral resources ministry. The project will cost an estimated $4.9 billion. Inpex has a majority stake in the Masela block in Maluku province while PT Energy Mega Persada, a unit of the Bakrie Group, has a 10 percent stake in the oil and gas block. Former OPEC member Indonesia, which has far more gas than oil, has pushed companies to move faster in developing gas projects as the country badly needs the fuel for domestic industrial demand as well as for exports. |
