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The Tangguh liquefied natural gas (LNG) plant, located in a
Papua gas field with proven reserves of more than 14 trillion cubic
feet of LNG, is entering the final phase of construction and remains on
track for its operations to commence in late 2008.
At the end of the first quarter of this year, the construction of the
plant, to be operated by a consortium led by BP Indonesia, was over 70
percent complete and all major equipment to build the train one and
train two LNG procession facilities had been delivered, a statement
sent to The Jakarta Post said Sunday.
It also said drilling operations were scheduled to commence in late May.
BP Indonesia president director John C. Minge said the company would
start drilling the first of 15 planned wells to be completed within the
next 18 months in early June.
He also said the company was in discussions with a group of investors
to build the third and final train in the complex. However, he refused
to give further details, including the names of the investors.
Earlier this month, the world's largest LNG importer, Korea Gas
(Kogas), told the Post it was interested in taking part in the
development of a third train at the LNG plant.
BP is currently in the process of setting up a new consortium made up
of global and domestic lenders to provide an additional US$880 million
to complete the construction of the plant.
Two major state-owned banks, Bank Mandiri and Bank Negara Indonesia
(BNI), may join the loan syndicate to finance the construction of the
plant.
The extra money will come on top of the $2.6 billion disbursed in
August for the project by an international consortium of foreign banks.
BP is the largest single investor in the Tangguh plant, and holds a
37.16 percent stake. CNOOC, China's largest offshore oil producer, is
the second biggest investor with 16.96 percent.
Other investors include Mitsubishi Ltd. and Inpex Corp., which hold a
combined 16.3 percent interest in Tangguh. A Nippon Oil Corporation-led
grouping has a 12.23 percent stake and LNG Japan, owned by Sumitomo
Corp. and Sojitz Holdings Corp., holds 7.2 percent.
Japan Oil, Gas & Metals National Corp., Kanematsu Corp. and Mitsui
& Co.'s Overseas Petroleum Corp. hold a combined 10 percent stake.
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