AN AUSTRALIAN exploration company is the first foreign group to form a joint venture with the Acehnese government for the operation of an oil and gas field.
Triangle Energy told the Australian Securities Exchange that the Indonesian Energy and Mineral Resources Ministry (ESDM) has confirmed that the company can act as operator of a block for another 20 years.
The Pase oil and gas block is to be managed by Triangle’s joint venture partner, the Aceh government-owned Perusahaan Daerah Aceh Development (PDPA)
The news came after the Acehnese Government appointed a committee of local industry experts in mid-2012 to carry out a tender, seeking out the most qualified partner to operate the Pase production sharing contract.
Triangles was selected in February 2013, forming the Aceh Pase Global Energy joint venture with the PDPA in August of that year.
The joint venture is 75 per cent owned by Triangle, with PDPA holding the remaining 25%.