Amerada ups shares in Ujung Pangkah

JAKARTA: Gas field operator Amerada Hess announced on Tuesday it would receive an additional 12 percent of interest in the Ujung Pangkah production sharing contract, located offshore East Java, from Dana Petroleum in an exchange arrangement for its 28 percent interest in the Hudson Field in the UK North Sea.

Amerada expected the agreement to be completed by year's end and was subject to agreement of the Indonesian authorities, Pangkah contract partners and other relevant parties.

The company also announced it was in the process of becoming the new joint operator of Jambi Merang JOB, located onshore Sumatra, to replace YPF Repsol following the sale of its interest. --JP