Kardaya Winarka, the expert staff of the minister of energy and mineral resources, said after the signing that Pertamina would become the operator of West Madura under the new contract holding 80 percent participating right while Kodeco 20 percent.
The signing of the contract was done by the president director of PT Pertamina`s West Madura Upstream Energy (PHE), Hemzairil, Kodeco`s general manager, and head of NP Migas R Priyono, witnessed by minister of energy and mineral resources Darwin Saleh.
The event was also attended by the director general of oil and gas, Evita Legowo and the chief commissioner of Pertamina, Sugiharto.
The cooperation contract for West Madura Block was first signed on May 7, 1981 with Korean company Kodeco as the operator with a stake of 25 percent.
Other stake holders are Pertamina (50 percent) and Chinese CNOOC Ltd. (25 percent).
On May 7, 2011 or after 30 years of operation according to regulations the contract would expire.
Two months before the expiration of the contract the government agreed to changes in ownership of participation rights.
Based on it Kodeco handed over 12.5 percent of its right to PT Sinergindo Citra Harapan and CNOOC Ltd. to Pure Link Investment Ltd. also 12.5 percent.
Due to that Pertamina then held 50 percent, Kodeco 12.5 percent, CNOOC 12.5 percent, Sinergindo 12.5 percent and Pure Link 12.5 percent.
Although it only holds 12.5 percent Kodeco remained the operator of the block until decision is made after May 7, 2011.
On April 28, 2011 BP Migas sent a letter to the minister of energy recommending a change in the composition of West Madura participating right holders after the expiration of the contract on May 7, 2011.
So the composition changed again with Pertamina holding 60 percent, Kodeco 10 percent, CNOOC 10 percent, Sinergindo 10 percent and Pure Link 10 percent.
However with the agreement signed on Thursday Pertamina now holds 80 percent and Kodeco 20 percent. This happened because CNOOC, Sinergindo and Pure Link withdrew from participating in the operation of West Madura. (*)
Editor: B Kunto Wibisono
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