20% Ketapang PSC purchase moves PGAS into upstream business | INSIDER NEWS 

(Insider Stories)-State gas transmission and distribution company PT Perusahaan Gas Negara (PGAS) will keep looking for upstream projects following its purchase of a 20% participant stake in the Ketapang PSC block in East Java from Sierra Oil Services Ltd.

“It’s the first time for us to go into an upstream oil and gas project. We will continue to seek more opportunities in upstream projects in the future,” PGAS CEO Hendi Prio Santoso says in a company statement.

Output at the project, 80% majority-owned and operated by Petronas Carigali Bhd., Malaysian state producer Petronas’s exploration arm, is slated to start in 2014 at 25,000 barrels of oil a day and 50 million standard cubic feet a day of gas.

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