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FINANCIAL NEWS
Mubadala invests USD500m in Ruby gas field
22 Jun 2011
(MENAFN) Mubadala Oil & gas’ regional vice president, Barry O’Donnell, said that the company’s unit, Pearl Energy, would invest USD500 million in developing Ruby gas field in Indonesia, reported Emirates 24/7.
O’Donnell added that the project would be the company’s first investment in Indonesia and it would launch it with Pearl Oil, which is a wholly owned subsidiary of the company’s Pearl Energy and would have 70 percent stake in the project, whereas Total E & P Sebuku and INPEX South Makassar Ltd., Pearl Oil’s partners would each have a 15 percent stake.
He also said that the offshore project would include the drilling of four wells and related facilities, moreover, gas would be transported to shore via a 14-inch, 312 km pipeline to a receiving terminal.
It is worth noting that PT Pupuk Kalimantan Timur is the buyer of the gas which operates a fertilizer factory nearby, and supply from the project is expected to begin in the latter part of 2013.
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