Amerada ups shares in Ujung Pangkah

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