Novus sells gas to PGN<\/p>\n
SYDNEY (Dow Jones): Australia's Novus Petroleum Ltd. said
\nWednesday it has signed an agreement to sell gas from its Wunut
\nfield in Indonesia to PT Perusahaan Gas Negara, an Indonesian
\ngovernment utility.<\/p>\n
Wunut is part of the Brantas joint venture, which is 50
\npercent-owned by Novus and 50 percent by Lapindo Brantas Inc.,
\nthe Indonesian operator.<\/p>\n
The first delivery of gas was on Jan. 25 and a price in U.S.
\ndollars has been agreed, Novus said in a statement.<\/p>\n
\"Whilst the gas price at Wunut is confidential, I can say that
\nit is both defined and paid in U.S. dollars and isn't dependent
\neither upon the vagaries of oil price or the rupiah,\" Novus
\nManaging Director Bob Williams said in a statement.<\/p>\n
PGN has agreed to buy 4 million standard cubic feet of gas a
\nday (mmscfpd) for 10 days in the first month of production under
\nan interim agreement, increasing to a \"continuous flow of gas\"
\nafter the fourth month.<\/p>\n
The interim agreement is valid for two years and replaces a
\nprevious agreement to buy 25 mmscfpd that was scrapped after
\neconomic conditions in Indonesia took a turn for the worse. After
\ntwo years, the original, longer-term gas sales agreement will
\ntake effect, Novus said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/novus-sells-gas-to-pgn-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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