Petroz buys RI gas assets

Petroz buys RI gas assets

BRISBANE (Dow Jones): Petroz NL, an Australian oil and gas producer, Friday said it has bought Apache Corp.'s 39 percent stake in an Indonesian gas field.

Petroz has acquired an interest in the Bentu and Korinci-Baru areas in Sumatra, Indonesia, which is its first foray into exploration and production operations in the country.

Fellow Australian oil and gas company, Santos Ltd. is the other shareholder, with 61.1 percent, and the operator of the gas field.

Petroz will make an initial payment of US$2 million to Apache, and two additional payments "totaling up to $10.3 million when gas production begins," the company said in a statement.